Star Copper (CSE:STCU) has raised C$4 million ($4.48 million) through a non-brokered private placement to cover exploration expenses at its flagship Star Project in British Columbia.
The company issued 2.66 million units at an offer price of C$1.50 per unit, each containing one flow-through share and one flow-through warrant.
Holders are able to exercise warrants for one additional share at a price of C$1.60 per warrant share, available for a period of 2-years from the closing date.
Star Copper will also be required to pay a finder’s fee of C$17,500 to Canaccord Genuity, totalling 7% of the company’s raising, as well as 11,666 finder’s warrants. Similarly, this represents 7% of the company’s shares issued under this placement.
Finder’s warrants are exercisable at C$1.50 per warrant for the same two-year period after closing.
As previously reported by Mining.com.au, the company intends to use the funds to cover exploration costs that are considered flow-through critical mineral mining expenditures at its Star Project.
Yesterday (21 August) this news service reported on Star Copper’s recent discovery at the project, where it confirmed and extended the supergene zone at drillhole E in its second-to-last hole in its phase one program.
With chalcopyrite mineralisation present in fine disseminations and within quartz-sulphide veinlets, the zone now covers an area of 250m by 300m down to a depth of 100m. Mineralisation also often appears with pyrite.
Star Copper is an explorer focused on the development of ‘high-potential’ copper projects across British Columbia in Canada.
Write to Maddison Elliott at Mining.com.au
Images: Star Copper
