Copper One Resources (CSE:CEXY) has closed its non-brokered private placement, raising aggregate proceeds of C$2.5 million ($2.55 million).
The company has issued 2.87 million non-flow-through units at C$0.40 each to raise the initial C$1.15 million, combined with the issuance of 3.37 million flow-through units at the same issue price to raise the remaining C$1.35 million.
Each non-flow-through unit comprises one share and one warrant. Each warrant entitles the holder to acquire one additional share at C$0.70 for a 12-month period from date of issuance.
Each flow-through unit also comprises one share and one warrant, with the same warrant conditions.
If Copper One’s shares close at or above C$0.90 per share for a five-day trading period, the company will be eligible to accelerate the expiry date of warrants to 30 days following notice.
Funds will be used for exploration and drilling campaigns, property payments, and for general working capital.
CEO David Greenway says Copper One is thrilled by the continued support received as it focuses on advancing its expanded North American copper exploration portfolio.
“With the closing of this financing, Copper One is funded to advance further exploration, including drilling at both of our Canadian copper projects, Redhill and Redonda, each of which was previously drilled by Teck Resources, while also remaining funded for our planned up to 10,000-foot drill program at our flagship Majuba Hill Copper-Silver-Gold Project in Nevada,” Greenway says.
“This financing positions the company to move forward with a focused, multi-project exploration strategy at a time when copper continues to play an increasingly important role in electrification, AI (artificial intelligence) infrastructure, renewable energy, and grid modernisation.”
Copper One Resources is focused on advancing copper, silver, and gold projects in North America.
Write to Maddison Elliott at Mining.com.au
Images: Copper One Resources
