US Copper raises $750,000 in private placement

US Copper Corp (TSXV: USCU) (OTCQB: USCUF) (FSE: C730) completed a non-brokered private placement raising $750,000 in gross proceeds, according to a company statement.

The private placement involved issuing 7.5 million units at $0.10 per unit. Each unit consists of one common share and one warrant. The warrants allow holders to purchase one common share at $0.15 within two years of closing.

All securities issued are subject to a four-month hold period. The placement requires final acceptance from the TSX Venture Exchange.

US Copper plans to use proceeds for general working capital and to advance its Moonlight-Superior Copper Project.

The company's board also approved granting 750,000 stock options to consultants, subject to regulatory and exchange approval. The options carry an exercise price of $0.10 per share, vest immediately, and have a three-year term.

A material change report related to the private placement will be filed less than 21 days before closing. The company stated this shorter timeframe was necessary to complete the placement in a timely manner.

You May Also Be Interested In

• Irenic Capital opposes Independence Realty's Centerspace deal - Bloomberg
• Casa Minerals closes first tranche of private placement, raising $1.5M
• Adaptogenics closes oversubscribed private placement raising $327,000