HPX majority-owned subsidiary Kaizen Discovery Inc. (TSXV: KZD) has announced that it has successfully completed all permitting requirements at its 100%-owned Pinaya Copper Gold Project in Peru and has executed new land access and community agreements with the Pinaya community. Kaizen has served notice to various government regulators of its intention to commence with its 2019 Pinaya resource expansion and target testing drill program.
Kaizen also is undertaking a non-brokered private placement of up to C$2.5 million. The company will be offering up to 50,000,000 units at a price of C$0.05 per unit, with each unit consisting of one common share and one common share purchase warrant of the company. Each warrant will entitle the holder to purchase one common share of the company at C$0.12 per share for a period of 24 months following the closing date of the private placement. A cash finder’s fee of up to 6% may be payable on the portion of the private placement taken up by non-insiders.
Kaizen’s majority shareholder, HPX TechCo Inc. (HPX), has agreed to subscribe to 20 million units, for an investment of C$1 million, of the offering (Lead Order).
The proceeds from the private placement will be used to fund the planned exploration drilling program at the Pinaya Project, to identify and review new project opportunities, and for general administrative expenses.
For more details please see Kaizen’s news release.