- CoTec Holdings Corp. (CTHCF, Financial) raises $5.21 million in the initial closing of its combined LIFE Offering and Private Placement.
- Kings Chapel increases its stake to 42.06% in CoTec Holdings following the initial closing.
- Proceeds to fund HyProMag USA, Lac Jeannine drilling, and general corporate purposes.
CoTec Holdings Corp. (CTHCF) successfully completed the initial closing of its LIFE Offering and concurrent Private Placement, raising approximately $5.21 million through the sale of 6,679,443 units. Each unit was priced at $0.78 and comprised one common share and one warrant, exercisable at $1.20 for a period of 18 months.
Kings Chapel International Ltd., an insider, and other directors of the company participated in the offerings, with Kings Chapel purchasing 641,025 units. This acquisition increased Kings Chapel's ownership to 42.06% of CoTec Holdings' outstanding shares, positioning it as a significant control person in the company.
The company intends to utilize the proceeds to advance the design and engineering for HyProMag USA, execute the drilling program at Lac Jeannine, and for other general corporate purposes. CoTec Holdings anticipates concluding the second and final closing by the end of June 2025.
In addition to the funds raised, CoTec Holdings issued compensation warrants to several agents and finders as part of the transaction. All securities issued are subject to a four-month statutory hold period as per Canadian securities legislation.
For further information, investors are directed to CoTec Holdings' continuous disclosure documents available on their SEDAR+ profile.
