Copaur Minerals Inc. has closed a non-brokered flow-through private placement consisting of 1,426,055 flow-through units at a purchase price of $1.10 per unit and raised gross proceeds of $1,568,661. Each flow-through Unit is comprised of one common share, intended to qualify as a flow-through share under the Income Tax Act (Canada), and one-half of one share purchase warrant. Each whole warrant will entitle the holder to acquire an additional non-flow through common share of the Company at an exercise price of $1.25 per share for a period of two years from the closing date of the private placement.
Each warrant will be subject to accelerated expiry provisions which provide that if at any time after the date of closing the Company’s common shares trade on the TSX Venture Exchange at or above a weighted average trading price of $1.40 per share for 10 consecutive trading days the Company may give notice to the holders that each Warrant will expire 30 days from the date of providing such notice if the Warrant has not been duly exercised by the holder.
Existing insiders participated in the private placement for an aggregate amount of $73,700 being 4.7% of the private placement. All securities issued in conjunction with this private placement are subject to a hold period expiring four months plus a day after the date of issuance. A finder fee to Roche Securities Ltd. of $89,700 cash and 40,772 finder warrants at $1.25 for a period of two years.
A portion of the Private Placement constitutes a “related party transaction” within the meaning of TSXV Policy 5.9 and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”) adopted in the Policy. The Company intends to rely on exemptions from the formal valuation and minority approval requirements in sections 5.5(b) and 5.7(e) of MI 61-101 on the basis that the Company is not listed on any specified senior stock exchanges and that the Company is facing financial hardship and the transactions are designed to improve the Company’s financial position.
The proceeds of the private placement will be used for advancing the Williams Gold porphyry property in the Toodoggone region of BC.
About CopAur Minerals Inc.
CPAU is an exploration company focused on advancing orogenic gold and copper porphyry targets on the William gold copper project, located within the prolific Golden Horseshoe of northern British Columbia, Canada. CopAur Minerals is ideally situated within the emerging Toodoggone District along the eastern Cordilleran gold belt, composed of the Sheep Creek, Cariboo, and Cassiar orogenic gold districts Backed by a dynamic and experienced team of resource sector professionals, including members of Benchmark Metals Inc. (TSX-V:BNCH) on its Advisory Board. The Williams project represents exceptional shareholder value with significant gold and copper potential.
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