Calgary, Alberta--(Newsfile Corp. - November 28, 2022) - Aurwest Resources Corporation
("
Aurwest" or the "
Company") is pleased to announce that pursuant to the recent closing of its Plan of Arrangement and spin out of its Copper Stars property in British Columbia to Copper Star Exploration Ltd. ("
Copper Star"), Copper Star plans to complete a private placement financing of subscription receipts. As disclosed in previous press releases Copper Star will be applying to become a publicly listed company through a direct listing ("
Direct Listing") on the Canadian Securities Exchange (the "
CSE") and one of the conditions of listing is the completion of the private placement financing disclosed below.
Copper Star Subscription Receipt Offering
Copper Star plans to complete a non-brokered private placement of subscription receipts (the "Subscription Receipts") to raise aggregate proceeds of up to $1,025,000 through the issuance of up to 5,000,000 flow-through Subscription Receipt units ('FT Units") at a price of $0.10 per FT Unit for gross proceeds of up to $500,000 and up to 7,000,000 conventional Subscription Receipt units ("Conventional Units") at a price of $0.075 per Conventional Unit for gross proceeds of up to $525,000 (the "Offering").
Each FT Unit will consist of one flow-through share at a price of $0.10 and one half of one share purchase warrant (each whole warrant, a "FT Warrant"). Each Warrant will entitle the subscriber to purchase one additional common share of Copper Star at a price of $0.15 for 24 months from the date of issuance, subject to the right of Copper Star to accelerate the expiry date of the FT Warrants at any time following the two year anniversary of the date the FT Warrants are issued, if the preceding ten day volume weighted price of the common shares on the CSE exceeds $0.20, to the date which is not less than 30 calendar days following the date notices are sent to all warrant holders and a press release is issued by Copper Star announcing the reduced FT Warrant term. The flow-through portion of the financing is anticipated to close in December 2022 and at the latest December 31, 2022 to ensure that, once the Escrow Release Conditions (defined below) are satisfied, the flow through proceeds can be utilized on applicable expenditures in 2023.
Each Conventional Unit will consist of one common share at a price of $0.075 and one half of one share purchase warrant (each whole warrant, a "Conventional Warrant"). Each Conventional Warrant will entitle the subscriber to purchase one additional common share at a price of $0.125 for 24 months from the date of issuance, subject to the right of Copper Star to accelerate the expiry date of the Conventional Warrants at any time following the two year anniversary of the date the Conventional Warrants are issued, if the preceding ten day volume weighted price of the common shares on the CSE exceeds $0.20, to the date which is not less than 30 calendar days following the date notices are sent to all warrant holders and a press release is issued by Copper Star announcing the reduced Conventional Warrants term.
A finder's fee of 7% cash commission and 7% FT Units/Conventional Units may be paid on completed subscriptions from the Offering.
https://www.benzinga.com/pressreleases/22/11/29869943/aurwest-and-copper-star-announce-a-non-brokered-private-placement-financing-of-subscription-receipt