Algo Grande Copper Closes Private Placement Raising Over $4.7 Million

Algo Grande Copper Corp. has successfully closed a non-brokered private placement, generating gross proceeds of $4.786 million. The offering involved the issuance of 7,977,497 common shares at a price of $0.60 per share. The placement was oversubscribed, indicating strong investor demand.

The proceeds are earmarked for advancing ongoing drilling and exploration activities at Algo Grande's wholly-owned Adelita Project in Sonora. The project is prospective for copper, gold, and silver. A portion of the funds will also be allocated to general working capital and operating costs.

In connection with the private placement, the company paid cash commissions totaling $104,020 to eligible finders and issued 238,950 common share purchase warrants. These warrants are exercisable at $0.60 per share for a period of two years.

Certain insiders of the company also participated in the offering, subscribing for 123,333 shares for $73,998. This participation is considered a "related party transaction," for which the company has obtained exemptions from certain valuation and minority shareholder approval requirements, as the insider participation did not exceed 25% of the company's market capitalization.

Algo Grande Copper is focused on advancing the Adelita Project, a district-scale opportunity in the Arizona-Sonora copper belt. The project features a known high-grade skarn discovery extending over 6 kilometers, with geological data suggesting the potential for a deeper porphyry system.