Copper One Resources (CSE:CEXY) is undertaking a non-brokered private placement of up to 19.5 million special warrants at C$0.50 each, to raise up to C$9.75 million ($9.88 million).
The funds will be used to accelerate exploration and development activities at the Majuba Hill Copper-Silver-Gold Project in Nevada. The funds will also provide additional working capital to advance the company’s broader portfolio of critical metal projects.
Under the placement, each special warrant will automatically convert into one unit of the company. Each unit will comprise one common share and half of a share purchase warrant, exercisable at C$0.62 within a two-year period.
CEO David Greenway says with the drilling program continuing to expand the mineralised footprint of Majuba Hill, the company is well-positioned to increase the pace of drilling, advance technical studies, and move more rapidly toward an updated resource estimate.
“As the US continues to prioritise domestic critical mineral supply chains and secure reliable sources of strategic metals, we believe Majuba Hill is well-positioned to help meet America’s future copper needs,” Greenway says.
“The financing represents another important step in building a premier North American copper company capable of supporting the long-term growth of US critical minerals production.”
Copper One recently resumed drilling at Majuba Hill, targeting results uncovered in a breccia mapping campaign. Hole MHB-37B has reached 531m so far, with drilling to resume at the hole on 8 July.
Copper One Resources is focused on discovering, acquiring, and advancing high-potential copper, gold, and molybdenum projects.
Write to Aaliyah Rogan at Mining.com.au
Images: Copper One Resources
