Gunnison Copper Corp (TSX:GCU, OTCQB:GCUMF) revealed plans to raise up to C$5 million through a non-brokered private placement to support pre-feasibility work at its namesake copper project in Arizona.
The company plans to issue up to 16.7 million units at C$0.30 apiece, with each unit consisting of one common share and one warrant. Each warrant will entitle the holder to purchase an additional share at C$0.45 for a period of 36 months following the closing.
Proceeds will be used to fund follow-up work on the company’s High Value Add Work Program and initiate long-lead drilling and metallurgical testing. These efforts will support a planned pre-feasibility study for the Gunnison Copper Project.
The funds will also cover US head office general and administrative expenses through March 2027.
Gunnison said expenses for the next nine months are already covered by existing working capital.
The offering is expected to close during the week of July 14.