World Copper closes $1M private placement and debt settlement

World Copper Ltd. (TSXV: WCU) (OTCQB: WCUFF) has closed a non-brokered private placement, issuing 13,333,329 units at $0.075 per unit for gross proceeds of approximately $1,000,000, according to a company statement.

Each unit consists of one common share and one warrant. Each warrant allows the holder to purchase one additional share at $0.10 for two years from the issuance date. No finder's fees were paid. Proceeds will be used for exploration and general working capital. All securities are subject to a four-month-and-one-day hold period in Canada, pending final TSX Venture Exchange acceptance.

The company also closed a shares-for-debt settlement with two current directors, issuing 312,500 common shares at a deemed price of $0.20 per share to settle $62,500 in outstanding obligations. Those shares are subject to the same hold period.

Certain directors and officers participated in both transactions, which are classified as related-party transactions under Multilateral Instrument 61-101. World Copper said it is relying on exemptions from formal valuation and minority shareholder approval requirements, as the fair market value of the securities involved does not exceed $2,500,000.

In connection with the closing, early warning disclosures were filed. KF Business Ventures LP now beneficially owns approximately 9.57% of outstanding shares. Shaun Pollard, Gareth Thomas, and Jonathan Lotz each acquired 2,666,666 units, with each now holding approximately 9.92% of outstanding shares on an undiluted basis.

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