Business
World Copper Extends Cardero Loans
Vancouver, British Columbia--(Newsfile Corp. - February 24, 2023) - World Copper Ltd . (TSXV: WC...
About this update from World Copper Ltd
[{"type":"text","content":"World Copper Extends Cardero LoansVancouver, British Columbia--(Newsfile Corp. - February 24, 2023) - World Copper Ltd. (TSXV: WCU) (OTCQX: WCUFF) (FSE: 7LY0) (\"World Copper\", \"Cardero\" or the \"Company\"), reports that pursuant to their news release dated December 29, 2022, the TSX Venture Exchange (\"TSXV\") has accepted the consolidation and extension of the due dates on advances from E.L. II Properties Trust, a company owned by Robert C. Kopple, a director of the Company (the \"Lender\"). Four loans in the aggregate amount of USD 1,065,265 equivalent Canadian amount converted at CAD 1.3565, CAD 1,445,031.97 (the \"Loans\") have been extended to February 22, 2024 (the New \"Maturity Dates\"). The Company has issued in aggregate 10,321,657 non-transferable bonus common share purchase warrants (each, a \"Bonus Warrant\") to the Lender. Each Bonus Warrant entitles the holder to purchase one common share in the capital of the Company at an exercise price of CAD 0.14 per share expiring on February 22, 2024. The Bonus Warrants were calculated based on the original loan amount of USD 1,065,265 converted to CAD 1,445,031.97 based on the exchange rate on December 29, 2022. All securities issued pursuant to the Loans will be subject to a hold period of four months and one day in Canada from the date of issuance. Further, a clause has been added to the warrant certificate that restricts the exercise of warrants such that the holders' ownership would not be above 19.99%.This transaction constitutes 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.\"ABOUT WORLD COPPER LTD.World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused on the exploration and development of its two primary copper porphyry projects, Escalones and Cristal, both located in Chile. W...