Getty Copper Inc. (TSXV: GTC) (OTCQX: GTCDF) has successfully closed its previously announced private placement offerings, raising a total of C$15,023,478.78 in gross proceeds. The company completed both a brokered and a non-brokered private placement of flow-through common shares under the listed issuer financing exemption in Canadian securities laws.
The brokered offering, led by Velocity Capital Partners and Clarus Securities Inc., issued 9,469,000 flow-through shares at prices ranging from C$1.08 to C$1.395 per share. The company paid the agents a 6% cash commission and issued 568,200 compensation warrants. The non-brokered offering issued an additional 1,854,998 flow-through shares at C$1.08 per share, with no commission payable.
The proceeds from the offerings will be used to fund eligible Canadian exploration expenses related to the company's projects in British Columbia. These expenses must be incurred on or before December 31, 2027, and will be renounced in favor of the initial subscribers with an effective date of no later than December 31, 2026. The company has also engaged Velocity Capital Partners and Clarus Securities Inc. for strategic advisory services, paying a flat fee of C$105,000 and issuing 110,000 warrants.
Insiders of the company participated in the non-brokered offering, subscribing for 483,000 shares. The offerings were made available to purchasers in all Canadian provinces except Quebec, and the securities are not subject to a hold period under Canadian securities laws. The TSX Venture Exchange provided conditional approval for the offerings, which remain subject to final acceptance.