Copper One (CUO-V) Aug 4th 2016 is pleased to announce that it has closed its previously announced brokered private placement offering of units at a price of $0.13 per Unit. The Company issued 17,084,801 Units for aggregate gross proceeds of $2,221,024.13. Each Unit consists of one common share of the Company and one common share purchase warrant. Each whole Warrant entitles the holder thereof to acquire one common share of the Company at a price of $0.20 for a period of 24 months following the closing date of the Offering.
In connection with the Offering, the Company paid Delano Capital Corp. (the "Agent"), the agent for the Offering, a cash fee equal to 7% of the proceeds from certain subscribers to the Offering. As additional compensation, the Agent was issued an aggregate of 863,987 compensation options (the "Broker Options"), equal to 7% of the total number of Units issued by the Company to certain subscribers pursuant to the Offering. Each Broker Option is exercisable at a price of $0.13 into one common share of the Company and one Warrant (a "Broker Warrant") for a period of 24 months following the closing date of the Offering. Each whole Broker Warrant shall entitle the holder to acquire one additional common share of the Company at a price of $0.20 for a period of 24 months following the closing date of the Offering.
The Company intends to use the net proceeds from the Offering to fund further exploration and development activities at the Company's Rivière Doré project in Quebec and for general corporate purposes.
The Offering is subject to final approval of the TSX Venture Exchange. All securities issued pursuant to the Offering will be subject to a four month and one day hold period which will expire on December 5, 2016.
Certain insiders of the Company have subscribed for Units pursuant to the Offering (the "Insider Participation"). The Insider Participation will be considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The Insider Participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.
About Copper One
Copper One is focused on developing the Rivière Doré property located near Val d'Or, Quebec covering the base of the Bouchette anorthositic complex which spans over 80 km.
Copper One Inc.
G Scott Moore
Chairman, President and CEO
smoore@forbesmanhattan.com
copperone.com |
