World Copper Ltd (TSX-V:WCU, OTCQX:WCUFF) said it has closed the final tranche of its previously announced, non-brokered private placement, raising gross proceeds of more than C$1.58 million by issuing over 5.2 million company units.
The Canadian resource company noted that net proceeds from the offering are intended for exploration and development of its Escalones and Zonia assets, and general working capital.
Each unit of the financing consisted of one World Copper common share plus one-half of one common share purchase warrant, with each whole warrant entitling 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 launches non-brokered private placement for gross proceeds of up to $2.5 million
The expiry of the warrants may be accelerated if the closing price of the company's common shares on the TSX Venture Exchange is equal to, or greater than, $1.00 for a minimum of 20 consecutive trading days and a notice of acceleration is provided in accordance with the terms of the warrants.
In total, World Copper said it raised gross proceeds of more than $2.86 million by issuing 9.5 million company units.
Finder's fees of 7% cash and 7% finder's warrants were paid to BT Global Growth Inc ($7,014 and 23,380 warrants), Gerhard Merkel ($7,483 and 24,943 warrants), Leede Jones Gable Inc ($12,495 and 41,650 warrants), Canaccord Genuity (TSX:CF, LSE:CF) Corp ($18,301 and 61,005 warrants), Integral Wealth Securities Limited ($1,050 and 3,500 warrants), Echelon Wealth Partners ($8,890 and 29,633 warrants), and Haywood Securities Inc ($3,220 and 10,733 warrants).
All warrants issued as finder's fees have an exercise price of $0.30, are non-transferable, and expire three years from closing, according to the company.
All securities issued in the offering have a four-month-and-one-day hold period, during which time the securities may not be traded.
World Copper, 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.
Contact Sean at sean@proactiveinvestors.com