Universal Copper Announces Non-brokered Private Placement of Units
25 Janvier 2023 - 1:00PM
Universal Copper Ltd.
(
"Universal
Copper" or the
"Company") (TSX Venture:
UNV) (Frankfurt:
3TA2) is pleased
to announce that it will proceed with a non-brokered private
placement (the
"Private Placement") of up to
42,857,143 units of the Company (the
“Units”) at a
price per Unit of CDN $0.035, for gross proceeds of up to
$1,500,000.
Each Unit will consist of one common share at
$0.035 (a "Common
Share") and one Common Share purchase warrant
(each a "Warrant"). Each Warrant entitles the
holder to purchase one Common Share at $0.06 per Common Share for a
period of 24 months following the date of issuance. The Company may
pay a finder's fee on all or a portion of the Private Placement in
accordance with the policies of the TSX Venture Exchange.
The Private Placement is subject to, among other
things, TSX Venture Exchange acceptance, and the resulting
securities proposed for issuance will be subject to a four month
plus a day hold period from the date of closing per applicable
regulatory requirements. The proceeds from the Private Placement
will be used for funding of existing operations and future
geological work on the Poplar Project as follows: 15% G&A, 68%
exploration & property maintenance and 17% existing
payables.
Related parties of the Company may participate
in the Private Placement, although the extent of their
participation is undetermined at this time. To the extent the
Private Placement constitutes a “related party transaction” within
the meaning of Multilateral Instrument 61-101 – Protection of
Minority Security Holders in Special Transactions (“MI
61-101”), the issuance to related parties will be exempt
from the valuation requirement of MI 61-101 by virtue of the
exemption contained in section 5.5(b) as the Company’s shares are
not listed on a specified market. The issuance to related parties
is expected to be exempt from the minority shareholder approval
requirements of MI 61-101 by virtue of the exemption contained in
section 5.7(a) of MI 61-101, in that the fair market value of the
consideration of the securities issued to the related parties is
not expected to exceed 25% of the Company’s market
capitalization.
About Poplar Project
The Poplar Project spans 61,566 hectares and is
bisected by a 138 Kva Hydroelectric line, and accessible by road.
The property is located in a historic mining region, 35km from the
Huckleberry Mine and 42km from Equity Silver. The property is also
accessible via rail and is only 88km from Houston and 400km to the
deep-water port at Prince Rupert.
About Universal Copper
Universal Copper Ltd. is a Canadian-based copper
exploration company focused on the acquisition and exploration of
copper properties. The Company's management team has many years of
experience in exploration, finance, and efficient public company
management. Universal's current focus is on advancing the Poplar
Copper Project, one of the most advanced pre-production copper
projects in British Columbia with a historic 43-101 resource.
For additional information, please visit the Company's website
at www.universalcopper.com
ON BEHALF OF THE BOARD OF
DIRECTORS
“Clive Massey” Clive H. MasseyPresident &
CEO
For further information, please
contact:Investor RelationsPhone: (778) 316-5105Email:
dave@universalcopper.com
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statements
This news release contains certain statements
that may be deemed "forward-looking" statements. Forward looking
statements are statements that are not historical facts and are
generally, but not always, identified by the words "expects",
"plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential”, and similar expressions, or that events or
conditions "will", "would", "may", "could" or "should" occur.
Although Universal Copper Ltd. believes the expectations expressed
in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future
performance and actual results may differ materially from those in
forward looking statements. Forward looking statements are based on
the beliefs, estimates and opinions of Universal Copper Ltd.
management on the date the statements are made. Except as required
by law, Universal Copper Ltd. undertakes no obligation to update
these forward-looking statements in the event that management's
beliefs, estimates or opinions, or other factors, should
change.
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