Gunnison Copper Corp (TSX:GCU, OTCQB:GCUMF) has upsized its previously announced non-brokered private placement to C$8.75 million from C$5 million, citing strong investor demand.
The revised offering will consist of up to 29.15 million units priced at C$0.30 each, the company said. Each unit includes one common share and one warrant, with each warrant allowing the holder to purchase an additional share at C$0.45 for up to 36 months after issuance.
Red Cloud Securities Inc. is acting as a finder in connection with the offering, which is expected to close on July 17.
Gunnison Copper said proceeds will be used to advance its High Value Add Work Program at the Gunnison Copper Project in Arizona, including long-lead drilling and metallurgical testing ahead of a planned pre-feasibility study.
A portion of the funds will also cover general and administrative expenses for the company’s US head office through March 2027.