Algo Grande Copper Raises $4.78 Million Through Private Placement

Algo Grande Copper Corp. has successfully closed a private placement, raising aggregate gross proceeds of $4.786 million. The placement was conducted at a price of $0.60 per common share.

The funds raised are earmarked for advancing drilling and exploration programs at the company's wholly-owned Adelita Project, located in Sonora, Mexico. Additionally, proceeds will cover operational costs and general working capital requirements.

In connection with the placement, the company paid finders' fees totaling $104,020 in cash 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 participated in the placement, subscribing for shares valued at $73,998. This participation is considered a related party transaction, but the company is utilizing exemptions from certain regulatory requirements as the insider participation does not exceed 25% of the company's market capitalization.

Algo Grande Copper is focused on developing the Adelita Project, a 5,895-hectare property situated within the prolific Arizona-Sonora copper belt. The project includes the Cerro Grande discovery, which exhibits continuity over a six-kilometer corridor.