Business
NovaCopper Announces Second Quarter Financial Results
TSX, NYSE-MKT Symbol: NCQ VANCOUVER , July 9, 2014 /CNW/ - NovaCopper Inc. (...
About this update from Trilogy Metals Inc.
[{"type":"text","content":"\n\n\nTSX, NYSE-MKT \nSymbol: NCQ\n\n\nVANCOUVER, July 9, 2014 /CNW/ - NovaCopper Inc. (TSX, NYSE-MKT: NCQ) (\"NovaCopper\" or \"the Company\") announces its\n financial results for the second quarter ended May 31, 2014.  Details\n of the Company's financial results are contained in the unaudited\n consolidated financial statements and Management's Discussion and\n Analysis which will be available on the Company's website at www.novacopper.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. All amounts are in United States dollars unless otherwise stated.\n\n\nRecent Activities\n\n\nOn July 7, 2014, we completed the financing originally announced on July\n 1, 2014 where we had entered into definitive agreements with existing\n shareholders to complete a non-brokered private placement offering of\n $7.5 million in Units.  Each Unit was priced at $1.15 per Unit and\n consisted of one common share of the Company and one common share\n purchase warrant.  Each common share purchase warrant will entitle the\n holder to purchase one common share of the Company at a price of $1.60\n per share for a period of five years from the closing date.  The\n proceeds raised will be used for the 12 months following closing to\n fund $2.7 million on program expenditures, up to $4.0 million on\n general and administrative expenses, and $0.8 million on extraordinary\n expenses incurred in reducing annual general and administrative\n expenses.\n\n\nProgram expenditures will be used to complete a re-logging and\n re-assaying program of between 10,000 and 13,000 meters of historical\n drill core at Bornite beginning in July 2014.  Targeted historical\n holes are located within the extensions of the Upper and Lower Reef\n mineralization captured in the Bornite Open Pit Resource released on\n March 18, 2014 and the up dip portion of South Reef zone. This effort\n is a continuation of last year's program of re-sampling and re-assaying\n which targeted 33 drill holes comprising 11,067 meters of core\n originally drilled between 1957 and 1975 and only selectively sampled\n by subsidiaries of Kennecott the former owner of the property. Last\n year's re-assay program resulted in a significant increase in the\n inferred resource at Bornite and we expect that the 2014 re-logging and\n re-assaying program this year could add more ...