World Copper Ltd (TSX-V:WCU, OTCQX:WCUFF) said it has raised $4,175,164.10 during the current fiscal year after the early exercise of a royalty option for its Zonia copper oxide project and subsequent buy-out by the company.
The company said that the holder of the royalty to acquire a 1% net smelter returns royalty from the Zonia project had exercised the royalty option by making a cash payment of $1,407,867 to World Copper.
Following the exercise of the royalty option, World Copper said it had bought out the royalty by issuing 7,731,285 shares to the royalty holder at a deemed issuance price of $0.40 per buy-out share.
READ: World Copper says recently-acquired Zonia copper project has serious discovery potential after reviewing technical data
“The Zonia project now has no outstanding royalties or options for royalties attached to the project,” World Copper said.
In addition to the cash proceeds from the exercise of the royalty option, a further $2,767,297.19 from the early exercise of 5,300,705 share purchase warrants had been received by World Copper.
The company said the proceeds from the early exercise of the royalty option and warrants would be used to fund exploration expenditures at its flagship Escalones project in Chile and for general corporate purposes.
World Copper CEO Nolan Peterson said the funds from the early warrant and option exercises from supportive shareholders continued to provide the company with the resources to advance its plans for the year.
“As we receive results from our Escalones drill program in Chile and as we continue the project restart activities at Zonia in Arizona, I look forward to updating the market on our progress,” Peterson said.
Upcoming conferences
The company announced that Peterson would be presenting a World Copper overview along with a company update in a live webinar on Tuesday, May 31st at 1:05pm PT/4:05 pm ET.
Participants are encouraged to register for the webinar, being hosted by Amvest Capital, here.
The company will also be attending the Swiss Mining Institute conference from June 1 to 2 in Zurich, Switzerland, and the Prospectors & Developers Association of Canada (PDAC) event from June 13 to 15 in Toronto Canada.
“The company looks forward to meeting with investors and stakeholders at both events,” World Copper said.
Based in Vancouver, British Columbia, World Copper is a resource company focused on the exploration and development of its copper porphyry projects in Chile and Arizona.
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