PNG Copper Inc. announced a private placement of 50,000,000 units at a price of CAD 0.01 per unit for gross proceeds of up to CAD 500,000 on January 27, 2023. Each unit is comprised of one common share in the capital of the company and one warrant entitling the holder to purchase one common share at an exercise price of CAD 0.05 for a period of five years from the date of issuance. The company expects to close additional tranches of the transaction over the next few weeks.

On the same date, the company issued 18,300,000 units for gross proceeds of CAD 183,000 in its first tranche.