World Copper (WCU) has closed the first tranche of its previously announced private placement for gross proceeds of $659,000.00.
The company issued 1,657,500 units, each consisting of one common share and one-half of one common share purchase warrant. Each whole purchase warrant entitles the holder to acquire one additional share at a price of $0.60 per share for a period of two years from the date of issuance.
The expiry of the warrants may be accelerated if the closing price of the company's common shares on the TSXV is equal to or greater than $1.00 for a minimum of twenty consecutive trading days and a notice of acceleration is provided to warrant holders.
All securities issued have a four-month hold period. The closing of the offering is subject to the approval of the TSXV.
The net proceeds will be allocated to the exploration of the Escalones and Cristal properties in Chile and for general working capital.
World Copper Ltd. is a Canadian mining company focused on the exploration and development of its copper porphyry projects in Chile and Arizona.
World Copper Ltd. (WCU) opened trading at C$0.43 per share.