World Copper Ltd (TSX-V:WCU, OTCQX:WCUFF) has announced a non-brokered private placement of up to 8,333,333 units at a price of $0.30 per unit for gross proceeds of up to $2.5 million.
The company said the net proceeds from the offering are intended for exploration and development and, general working capital.
Each unit in the placement will consist of one common share of the company 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 $0.60 per share.
READ: World Copper announces exercise of Zonia copper project royalty option and subsequent buy-out
Expiry of the warrants may be accelerated if the closing price of the company's common shares on the TSX Venture Exchange (TSXV) is equal to or greater than $1.00 for a minimum of twenty consecutive trading days and a notice of acceleration is provided in accordance with the terms of the warrants.
Insiders may participate and finders' fees may be payable to qualified arm's length parties that have introduced the company to certain subscribers participating in the offering.
All securities issued in the offering are subject to a four-month hold period, during which time the securities may not be traded. Closing of the offering is subject to the approval of the TSXV.
None of the foregoing securities have been and will not be registered under the US Securities Act of 1933, as amended or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of US persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements.
World Copper Ltd., headquartered in Vancouver, British Columbia, is a Canadian resource company focused on the exploration and development of its copper porphyry projects: Escalones and Cristal in Chile, and Zonia in Arizona.
Two of these projects have estimated resources with significant soluble copper mineralization, and each has additional copper porphyry targets with exciting potential to expand the resource base.
The World Copper team has a unique skill in navigating the mining sector within Chile, with some members having worked in the country for more than 40 years and with discovery success.
Contact the author at jon.hopkins@proactiveinvestors.com