Toronto, July 31^st, 2023 – Canadian Copper Inc. (CSE:CCI) (“Canadian Copper” or the “Company”) is pleased to announce that it has closed its oversubscribed non-brokered private placement consisting of 9,129,667 units at a price of $0.12 per unit for gross proceeds of $1,095,560 (“Private Placement”) previously announced on July 12^th, 2023. As a result, the Company has secured sufficient capital to fund the $750,000 cash payment to acquire the Murray Brook deposit.  Please click here to understand the accretive rational and strategic merits for this purchase.

Simon Quick, CEO of Canadian Copper. “We are very fortunate to have strong support from current and new shareholders for this non-brokered  Private Placement. The seasonal timing and current market conditions are not easy for the junior sector; however, the Murray Brook acquisition is compelling and resulted in an oversubscribed financing. We look forward to sharing our future growth strategy for this asset upon closing the transaction.”

Each unit of the Private Placement consists of one common share of the Company and one-half of a share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at a price of $0.18 per share at any time within 2 years from the date of issuance. The warrants will be subjected to an accelerated exercise clause in the event the Company’s share price exceeds $0.30 for 10 consecutive trading days on a volume weighted average price basis.

The Company paid finder’s fees to certain arm’s-length third parties consisting of a cash commission of up to 7% of the gross proceeds of the Private Placement for an aggregate amount of $7,585 and up to 7% in finder warrants at the same terms of warrants issued as part of the Private Placement for an aggregate of 63,210 finder warrants. A statutory four month plus one day hold period will apply to all securities issued in connection with the Private Placement.

Proceeds from the Private Placement will be used for the financing of the $750,000 cash payment to acquire the Murray Brook deposit, to update the Murray Brook deposit historical mineral resource estimate technical report projected for release in October 2023, and for general corporate working purposes.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws and may not be offered or sold in the United States unless registered under the 1933 Act and any applicable securities laws of any state of the United States or an applicable exemption from the registration requirements is available.

Certain directors and other insiders of the Company participated in the Private Placement and subscribed for 883,334 units for an aggregate price of $106,000, an amount no more than the maximum amount permissible under applicable securities laws and regulatory rules. Participation by the directors and other insiders in the Private Placement is considered a “related party transaction” pursuant to Multilateral Instrument 61- 101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the insiders’ participation in the Private Placement in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101 in that the fair market value (as determined under MI 61-101) of any securities issued under the Private Placement (and the consideration paid to the Company therefor) to interested parties (as defined under MI 61-101) did not exceed 25% of the Company’s market capitalization (as determined under MI 61-101).