QC Copper and Gold Inc said it has closed the first tranche of its previously-announced, non-brokered private placement, selling 9,142,428 company common shares, at a price of C$0.14 per share, for gross proceeds of C$1,279,939.92.
The explorer and project developer said net proceeds from the offering will be used for the exploration and development of its Opemiska copper project in Québec and for general working capital purposes.
QC Copper noted the first tranche was sold to strategic institutional Quebec funds who are long-term shareholders.
QC Copper and Gold is focused on acquiring and developing copper projects in the Chibougamau region that share synergies with its past-producing Opemiska Copper Mine Complex.
Through acquisitions, it has been able to expand its Opemiska property to over 13,000 hectares in the heart of Quebec with significant infrastructure, including direct rail and road access, already in place.
Contact Sean at sean@proactiveinvestors.com