Faraday Copper's Rally Boosted by $15 Million Bought Deal for Arizona Project Advancement

Faraday Copper Corp. (“Faraday” or the “Company”) (TSX:FDY) (OTCQX:CPPKF) is excited to announce its agreement with Ventum Financial Corp (formerly known as PI Financial) as co-lead underwriter and joint bookrunner, on its own behalf and on behalf of a syndicate of underwriters, which includes Canaccord Genuity Corp. and TD Securities Inc. as co-lead underwriters and joint bookrunners (together, the “Underwriters”). Pursuant to this agreement, the Underwriters have committed to purchasing, on a bought deal basis, 25,000,000 common shares in the capital of the Company (the “Common Shares”) at a price of C$0.80 per Common Share, resulting in gross proceeds to the Company of C$20,000,000 ($15 million) (the “Underwritten Offering”).

The Company will provide the Underwriters with an option to acquire an additional 3,750,000 Common Shares (referred to as the “Over-Allotment Option Common Shares” and collectively with the Common Shares, the “Offered Securities”) to address over-allotments, if any, and for market stabilization purposes. These Over-Allotment Option Common Shares will be available at a price of C$0.80 per share, potentially generating additional gross proceeds of up to C$3,000,000 (the “Over-Allotment Option” alongside the Underwritten Offering, collectively referred to as the “Offering”). The option can be exercised in full or in part at any time up to 30 days following the Closing Date (as defined herein).

The Faraday Copper Corp. intends to allocate the net proceeds from the Offering to the exploration and development of its Copper Creek Project in Arizona, U.S., as well as for general working capital purposes.

The Common Shares will be issued via a prospectus supplement, to be filed in all Canadian provinces and territories, except Quebec, under the Company’s base shelf prospectus dated October 21, 2022. Furthermore, the Common Shares may be sold in the United States on a private placement basis under an exemption from the registration requirements of the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and in other jurisdictions outside of Canada, provided that no prospectus filing or equivalent obligation is triggered.

The Offering is expected to close on or around May 30, 2024 (the “Closing Date”), pending certain conditions. These include, but are not limited to, obtaining all necessary regulatory and other approvals, including those from the Toronto Stock Exchange and securities regulatory authorities.

Faraday Copper is a Canadian exploration company dedicated to advancing its flagship Copper Creek project in Arizona, U.S. This project stands as one of the largest undeveloped copper assets in North America, boasting significant district-scale exploration potential. With robust funding, the Company is well-positioned to achieve its key milestones, supported by a management team and board of directors with extensive experience and expertise in senior mining companies.