World Copper Ltd (TSX-V:WCU, OTCQX:WCUFF). has announced a non-brokered private placement of up to 6.94 million units at a price of $0.18 per unit for gross proceeds of up to $1.25 million.
The Vancouver, British Columbia-based resource company said the net proceeds from the offering will be funneled into development costs and also shore up general working capital.
World Copper is focused on the exploration and development of its copper porphyry projects Escalones and Cristal in Chile, and Zonia in Arizona. Two of the projects have estimated resources with “significant soluble copper mineralization,” and each has additional copper porphyry targets with “exciting potential to expand the resource base,” according to the company.
READ: World Copper expands mineral resource estimate for Zonia copper-oxide deposit in Arizona
Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one additional share for a period of two years from the date of issuance at a price of $0.30 per share.
World Copper said insiders can participate and finders' fees may be payable to qualified arm's length parties that have introduced the company to certain subscribers participating in the offering.
All securities issued in the offering are subject to a four-month hold period, during which time the securities may not be traded. Closing of the offering is subject to the approval of the TSX Venture Exchange, said the company.
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