World Copper Ltd (TSX-V:WCU, OTCQX:WCUFF) said it has closed the first tranche of its previously announced private placement with the issue of 7,974,344 units for gross proceeds of $1,435,381.90.
The net proceeds from the offering are intended for general working capital and development costs.
Each unit in the offering consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one additional share of the company for a period of two years from the date of issuance at a price of $0.30 per share.
Insider participation included Hendrik van Alphen, director and chairman, as to 1,125,000 units and Nolan Peterson, CEO and president, as to 100,000 units.
READ: World Copper expands mineral resource estimate for Zonia copper-oxide deposit in Arizona
Finder's fees were paid to Canaccord Genuity ($3,150 and 17,500 finder's warrants), Red Cloud Securities ($1,750 and 9,722 finders warrants) and StephenAvenue Securities ($913.50 and 5,075 finder's warrants).
All securities issued in the offering have a four-month plus one-day hold period, during which time the securities may not be traded.
Closing of the offering is subject to the final acceptance of the Toronto Venture Exchange
None of the securities have been and will not be registered under the US Securities Act of 1933, as amended or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, US persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements.
World Copper, headquartered in Vancouver, British Columbia, is a Canadian resource company focused on the exploration and development of its copper porphyry projects: Escalones and Cristal in Chile, and Zonia in Arizona. Two of these projects have estimated resources with significant soluble copper mineralization, and each has additional copper porphyry targets with exciting potential to expand the resource base.
Contact the author at jon.hopkins@proactiveinvestors.com