Business
World Copper Closes First Tranche of $2.5 Million Non-Brokered Private Placement And, Retains Paradox Public Relations Inc. to Provide Investor Relations Services
Vancouver, British Columbia--(Newsfile Corp. - July 21, 2022) - World Copper Ltd. (TSXV: WCU) ...
About this update from World Copper Ltd
[{"type":"text","content":"World Copper Closes First Tranche of $2.5 Million Non-Brokered Private Placement And, Retains Paradox Public Relations Inc. to Provide Investor Relations ServicesVancouver, British Columbia--(Newsfile Corp. - July 21, 2022) - World Copper Ltd. (TSXV: WCU) (OTCQX: WCUFF) (FSE: 7LY0) (\"World Copper\" or the \"Company\") reports that, pursuant to their news release dated June 29, 2022, the Company has closed a first tranche of the Placement. On July 21, 2022 the Company issued 4,264,414 Units for gross proceeds of $1,279,324.20. Each unit consists of one common share (a \"Share\") and one-half of one common share purchase warrant (a \"Warrant\"). Each whole Warrant entitles the holder to acquire one additional share of the Company for a period of two years from the date of issuance at a price of $0.60 per share. The expiry of the Warrants may be accelerated if the closing price of the Company's common shares on the TSX Venture Exchange (\"TSXV\") is equal to or greater than $1.00 for a minimum of twenty consecutive trading days and a notice of acceleration is provided in accordance with the terms of the Warrants.No finder's fees were paid pursuant to this first tranche closing.All securities issued in the Offering have a four-month plus one day hold period, during which time the securities may not be traded. Closing of the Offering is subject to the final acceptance of the TSXV.The net proceeds from the Offering are intended for exploration and development of the Company's Escalones and Zonia assets, and general working capital.The Company further announces that, subject to TSX Venture Exchange acceptance, it has entered into an agreement with Paradox Public Relations Inc. (\"Paradox\") of Montreal, Quebec, whereby Paradox will provide investor relations services to the Company. The term of the agreement is for 36 months, effective July 21, 2022, and may be terminated at any time, by either party, with 30 days written notice. Paradox will receive a monthly fee of CAD $10,000 and, pursuant to the Company's stock option plan and TSX Venture Exchange Policy 3.4, will be granted 1,000,000 options with quarterly vesting provisions over 12 months and, an expiry date of 36 months from the date of grant. Paradox is at arm's length to Company.This press release does not constitute an offer of sale of any of the foregoing securities in the ...