Cotec Holdings Corp. Official Announcement: Closure of Enlarged Life Offering in Three Installments, Overall Amount Raised Now Stands at $12.4 Million
CoTec Holdings Corp., a leading mid-tier disruptor in the commodities sector, has successfully raised $14 million in funding through a series of offerings and private placements. This significant investment reflects strong support from investors and positions CoTec well for its strategic projects and initiatives.
Julian Treger, CEO of CoTec, commented on the strong backing, expressing gratitude to the investors for their confidence in the company's focus on rare earth recycling and low-carbon mineral extraction.
The funds raised will be allocated in three key areas:
1. **HyProMag USA Project**: The funds will be used to advance the detailed engineering for a rare earth magnet recycling plant in the United States, with the aim of commencing production by 2027.
2. **Lac Jeannine Property**: The financing will support activities related to CoTec's resource extraction efforts at the Lac Jeannine property.
3. **Corporate Initiatives**: A portion of the proceeds will be allocated to various corporate initiatives aimed at enhancing the company's operations and market presence.
CoTec, a publicly traded investment issuer listed on the TSXV and the OTCQB, has issued an aggregate of 10,903,865 Units for gross proceeds of $8,505,021.13 under the LIFE Offering. It's important to note that the company has also paid cash fees and compensation warrants to certain agents and finders in connection with the LIFE Closing.
Investments in mineral extraction technology are subject to risks, including successful application, scaling, and deployment of technology, acceptability within the industry, availability of assets where technology could be applied, protection of intellectual property, successful promotion, and the success of competitor technology. Furthermore, CoTec's investments are also subject to environmental risks and costs, labor costs and shortages, uncertain supply and price fluctuations in materials, increases in energy costs, labor disputes and work stoppages, leasing costs and the availability of equipment, heavy equipment demand and availability, contractor and subcontractor performance issues, worksite safety issues, project delays and cost overruns, extreme weather conditions, and social disruptions.
Readers are encouraged to read CoTec's continuous disclosure documents, which detail the risks and uncertainties facing the company, under the company's SEDAR+ profile at www.sedarplus.com.
CoTec is a forward-thinking resource extraction company committed to revolutionizing the global metals and minerals industry through innovative, environmentally sustainable technologies and strategic asset acquisitions.
For further information, please contact Braam Jonker at (604) 992-5600, or for an Investor Presentation, readers can connect with CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF). However, it's important to note that the press release is not for distribution to the U.S. newswire services or for dissemination in the United States.
[1] CoTec's strategic model delivers low capital requirements, rapid revenue generation, and high barriers to entry, positioning it as a leading mid-tier disruptor in the commodities sector. [2] The net proceeds from the Offering will be used to fund the detailed design and engineering of its HyProMag USA rare earth magnet recycling facility, the upcoming drill program at its Lac Jeannine iron tailings property, additional investment obligations, and for general corporate purposes. [3] The total potential gross proceeds from the upsized LIFE Offering and the private placement amount to up to $14 million, reflecting strong investor confidence in CoTec's focus on rare earth recycling and low-carbon mineral extraction. [4] The goal is to commence production by 2027.
[Note: This article is not intended to provide financial advice. Always do your own research before making investment decisions.]
- The funds raised by CoTec Holdings Corp. will be utilized in various business areas, including investing in the detailed engineering of a rare earth magnet recycling plant, known as the HyProMag USA Project, with the aim of entering production by 2027.
- To further strengthen its position in the business world and increase its market presence, CoTec will also allocate a portion of the proceeds towards corporate initiatives in finance, focusing on enhancing the company's operations and strategic projects, such as resource extraction efforts at the Lac Jeannine property.
