Business
World Copper Closes First Tranche of Financing
Vancouver, British Columbia--(Newsfile Corp. - March 31, 2023) - World Copper Ltd. (TSXV: WCU) (O...
About this update from World Copper Ltd
[{"type":"text","content":"World Copper Closes First Tranche of FinancingVancouver, British Columbia--(Newsfile Corp. - March 31, 2023) - World Copper Ltd. (TSXV: WCU) (OTCQX: WCUFF) (FSE: 7LY0) (\"World Copper\" or the \"Company\") reports that pursuant to their news releases dated March 8, 2023 and March 30, 2023, the Company has closed a first tranche of the Placement. On March 31, 2023 the Company issued 7,974,344 Units for gross proceeds of $1,435,381.90. 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 $0.30 per share.Insider participation included Hendrik van Alphen, Director and Chairman as to 1,125,000 units and Nolan Peterson, CEO & President as to 100,000 units. These transactions constitute a \"related party transaction\" as such term is defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is relying on the exemptions from the formal valuation and minority approval requirements under MI 61- 101. The Company is exempt from the formal valuation and minority approval requirements of MI 61-101 in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the transaction, insofar as it involves interested parties, is not more than the 25% of the Company's market capitalization.Finder's fees were paid to Canaccord Genuity Corp. ($3,150 and 17,500 finder's warrants), Red Cloud Securities Inc. ($1,750 and 9,722 finders warrants) and StephenAvenue Securities Inc. ($913.50 and 5,075 finder's warrants).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 general working capital and development costs.This press release does not constitute an offer of sale of any of the foregoing securities in the United States. None of the foregoing securities have been and will not be registered under the U.S. Securities Act of 1933, as amended (the \"1933 Act\") or any applicable state securities laws and may not be offered or sold i...