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World Copper Announces Exercise of Zonia Royalty Option and Subsequent Buy-Out, Exercise of Warrants, and Conference Attendance
Vancouver, British Columbia--(Newsfile Corp. - May 24, 2022) - World Copper Ltd. (TSXV: WCU) (...
About this update from World Copper Ltd
[{"type":"text","content":"World Copper Announces Exercise of Zonia Royalty Option and Subsequent Buy-Out, Exercise of Warrants, and Conference AttendanceVancouver, British Columbia--(Newsfile Corp. - May 24, 2022) - World Copper Ltd. (TSXV: WCU) (OTCQX: WCUFF) (FSE: 7LY0) (\"World Copper\" or the \"Company\") announces that the holder (the \"Royalty Holder\") of an option (the \"Royalty Option\", see news release dated September 20th, 2021) to acquire a 1% net smelter returns royalty on future production from World Copper's Zonia copper oxide project has exercised the Royalty Option by making a cash payment to World Copper of $1,407,867. Following the exercise of the Royalty Option by the Royalty Holder, World Copper has bought-out the Royalty by issuing 7,731,285 common shares (the \"Buy-Out Shares\") to the Royalty Holder at a deemed issuance price of $0.40 per Buy-Out Share. The Buy-Out Shares are subject to a four month and one day hold period in Canada in addition to applicable United States resale restrictions. The Zonia project now has no outstanding royalties or options for royalties attached to the project.In addition to the cash proceeds from the early exercise of the Royalty Option, a further $2,767,297.19 from the early exercise of 5,300,705 common share purchase warrants has been received by the Company, for total proceeds of $4,175,164.10 during the current fiscal year. The proceeds from the early exercise of the Royalty Option and warrants are expected to be used to fund exploration expenditures at the Company's flagship Escalones project in Chile and for general corporate purposes.Nolan Peterson, President and CEO of World Copper, commented, \"The funds from these early warrant and option exercises, from supportive shareholders, continue to provide World Copper with the resources to advance our plans for the year. As we receive results from our Escalones drill program in Chile and as we continue the project restart activities at Zonia in Arizona, I look forward to updating the market on our progress.\"Upcoming Amvest WebinarThe Company also announces that its CEO and President, Nolan Peterson, will be presenting a World Copper overview along with the latest Company developments in a live webinar format taking place on Tuesday, May 31st at 1:05pm PT / 4:05 pm ET.The webinar will be hosted by Amvest Capital and participants are encouraged t...