Copper One raises $2.5 million for drilling at B.C. projects – Resource World Magazine

Copper One raises $2.5 million for drilling at B.C. projects – Resource World Magazine

Copper One Resources Corp. [CEXY-CSE, CEXYF-OTCID, IW8-FSE, A42AGR] said it has raised $2.5 million from a non-brokered private placement LIFE offering and will use the proceeds for drilling at copper projects in British Columbia. The offering consisted of 2.87 million non-flow-through units (NFT) priced at 40 cents per unit, generating gross proceeds of $1.15 million, and 3.37 million flow-through units (FT units) priced at 40 cents per unit, and generating gross proceeds of $1.35 million. Each NFT unit consists of one common share and one common share purchase warrant, each of which entitles the holder to acquire an additional common share at 70 cents for 12 months from the date of issuance. However, the company may accelerate the expiry date if the common shares trade above 90 cents for five consecutive trading days. Each FT Unit consists of one common share that qualifies as a “flow-through share” within the meaning of the income Tax Act (Canada) and one warrant.  Each warrant entitles the holder to acquire one additional non-flow-through common share at a price of 70 cents for one year from the date of issuance. The expiry date can be accelerated if the shares trade above 90 cents for five consecutive trading days. On Thursday, the shares eased 7.02% or $0.04 to 53 cents and trade in a 52-week range of 51 cents and 76 cents. Copper One is focused on advancing copper, copper/silver/gold, and critical minerals projects in North America. The company’s flagship asset is the Majuba Hill copper-gold-silver-gold project, which is in located around 251 kilometres from Reno, Nevada. The company also holds an option to earn up to a 100% interest in the Redhill property in British Columbia. The project covers 4,736 hectares across 18 mineral claims and is described as a copper-focused exploration opportunity located south of Ashcroft in the Kamloops Mining District. Redhill is prospective for Volcanogenic Massive Sulphides (VMS). The company also holds a 100% interest in the Redonda copper-molybdenum project near Campbell River, B.C., covering 2,746 hectares across nine mineral claims. “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 Ltd. (TECK.B-TSX, TECK.A-TSX, TECK-NYSE), while also remaining funded for our planned up to 10,000-foot drill program at our flagship Majuba Hille copper-silver-gold project in Nevada,’’ said Copper One President and CEO David Greenway. “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 infrastructure, renewable energy and grid modernization.’’