Fabled Copper Corp. (CSE:FABL) has announced two concurrent non-brokered private placements to raise total gross proceeds of up to C$1.5 million.
The junior mining exploration company said the first offering will consist of the sale of up to 10 million flow-through (FT) company units, at a price of C$0.10 per FT unit, for gross proceeds of up to C$1 million.
Each FT unit will comprise one Fabled Copper common share plus one common share purchase warrant, with each FT warrant entitling the holder to acquire one additional company common share, at a price of C$0.15 per share, for a period of 24 months from the date of issuance.
Fabled noted the second offering will consist of the sale of up to 6.25 million conventional company units, at a price of C$0.08 per conventional unit, for gross proceeds of up to C$500,000.
Each conventional unit will comprise one Fabled Copper common share plus one common share purchase warrant, with each conventional warrant entitling the holder to acquire one additional company common share, at a price of C$0.12 per share, for a period of 24 months from the date of issuance.
The company added that gross proceeds from the issuance of the conventional units will be used for general working capital purposes and expenses, while money raised from the FT units will be used for "Canadian Exploration Expenses" that will be renounced with an effective date no later than December 31, 2023.
All securities issued in the private placements are subject to the statutory hold period that expires four months and one day from the issuance date.
As well, Fabled Copper said it expects to complete its previously-announced consolidation of all of its issued and outstanding common shares on the basis of 1 post-consolidated common share for every 10 pre-consolidated common shares on or around April 13, 2023.
Fabled Copper's current focus is to create value for stakeholders through the exploration and development of its existing copper properties located in northern British Columbia.
The company’s Muskwa Copper Project is comprised of the Neil Property, the Toro Property and the Bronson Property.
Contact Sean at sean@proactiveinvestors.com