FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper” or the “Company“; TSXV: WCU, OTCQB: WCUFF) announces that pursuant to World Copper Ltd.’s news releases dated Sept. 7, 2021, Sept. 30, 2021, Oct. 6, 2021, and Oct. 20, 2021, the company has closed the third and final tranche of the placement. On Oct. 28, 2021, the company issued an additional 10,468,921 units for gross proceeds of $4,187,568.50. The company has issued an aggregate of 16,223,921 units for aggregate gross proceeds of $6,489,568.50 as part of the placement.
Each unit consisted of one common share and one-half of one common share purchase 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 60 cents. The expiry of the warrants may be accelerated if the closing price of the company’s common shares on the TSX Venture Exchange is equal to or greater than $1 for a minimum of 20 consecutive trading days and a notice of acceleration is provided, in accordance with the terms of the warrants.
Pursuant to the final tranche closing, additional finders’ fees were paid to Canaccord Genuity Corp. ($19,600 and 49,000 warrants), Richardson Wealth ($10,500 and 26,250 warrants), Red Cloud Securities Inc. ($70,000 and 175,000 warrants), Research Capital Corp. ($10,500 and 26,250 warrants) and MJP Justus Inc. ($5,600 and 14,000 warrants). All warrants issued pursuant to the finders’ fees are non-transferable.
All securities issued in the offering have a four-month hold period, during which time the securities may not be traded. The closing of the offering is subject to the approval of the TSX-V.
The net proceeds from the offering are intended for exploration at the Escalones and Cristal properties in Chile and for general working capital.
ABOUT WORLD COPPER LTD.
World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused the exploration and development of its copper porphyry projects: Escalones and Cristal in Chile, and Zonia in Arizona. Two of these projects have estimated resources with significant soluble copper mineralization, and there are at least two other copper porphyry targets with exciting potential to expand the resource base. The Zonia project is being acquired as part of the previously announced merger transaction with Cardero Resource Corp. Please refer to news releases dated June 9th, 2021 and April 20th, 2021 for more details and for the current status of the transaction.
The Escalones porphyry-skarn copper-gold project has estimated inferred resources of 426 million tonnes of 0.367% total copper within the oxidized zone, based on nearly 25,000m of drill core from 53 holes. The 3.45 billion pounds of copper should be amenable to heap leaching with an average recovery of 71%. The Company is focused on exploring the Mancha Amarilla target immediately to the south of the existing resource. In addition, three significant hydrothermal alteration zones, each measuring between 2,000m and 3,000m in diameter, lie 8-10km to the north of the main discovery.
Mineral resources are not mineral reserves and do not have demonstrated economic viability as there is no certainty that all or any part of the resources will be converted into reserves. Inferred resources are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. It is reasonably expected that the inferred resources could be upgraded to indicated resources with continued exploration.
The Zonia project is in Yavapai County, Arizona, and consists of 261 mineral claims and additional surface rights, all totaling 4,279.55 acres. It is a near-surface, copper-oxide resource and a brownfields site having already been mined in the late 1960s and ’70s. The Project is at the PEA level and has been significantly de-risked with over 50,000 metres of drilling completed to date and with substantial amounts of detailed engineering completed. Further details can be found here.
The World Copper team has a unique skill in navigating the mining sector within Chile, with some members having worked in the country for more than 40 years and with discovery success.
On Behalf of the Board of Directors of
WORLD COPPER LTD.
Chief Executive Officer
For further information, or to schedule a Zoom meeting with Management, please contact:
Henk van Alphen or Michael Pound
Nancy Thompson, Vorticom, Inc.
Phone: 212-532-2208 or 917-371-4053
Investor relations inquiries:
Liviakis Financial Communications Inc.