World Copper Ltd (TSX-V:WCU, OTCQX:WCUFF) said it has increased the size of its previously announced financing to up to 11,773,333 units for approximately $2,119,200, from up to 8,888,889 units previously.
The company said it plans to close a second and final tranche of the offering on or about April 28, 2023.
On March 31, 2023, World Copper closed a first tranche, issuing 7,974,344 units for gross proceeds of $1,435,381.90.
The company said 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 in the first tranche included Hendrik van Alphen, World Copper director and chairman to 1,125,000 units, and Nolan Peterson, its CEO & president to 100,000 units.
All securities issued in the offering have a four-month plus one-day hold period. Closing is subject to the final acceptance of the Toronto Venture Exchange.
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