- Copper Mountain Mining (C6C) has entered an agreement with Industrial Alliance Securities (IAS) in which IAS will buy C$15 million (around A$15.8 million) worth of C6C shares
- IAS will buy more than 13 million common shares in Copper Mountain, worth C$1.15 (around A$1.21) each
- Copper Mountain will use the money to undertake exploration at its prospective land package in Australia, which includes the Eva Copper Project
- This offering is expected to close on or around November 26
- Copper Mountain has ended the day 5.51 per cent in the red with shares trading for $1.20 each
Copper Mountain Mining (C6C) has entered an agreement with Industrial Alliance Securities (IAS) in which IAS will buy C$15 million (around A$15.8 million) worth of C6C shares.
IAS will buy 13,043,480 common shares in Copper Mountain, worth C$1.15 (around A$1.21) each.
In addition, Copper Mountain has offered IAS the opportunity to purchase an extra 15 per cent of the gross proceeds of the offering on the same terms.
Copper Mountain will use the money to undertake exploration on its prospective land package in Australia, advance development of the Eva Copper Project, and for general working capital.
The Eva Copper Project lies 75 kilometres from Cloncurry and 95 kilometres northeast of Mt Isa in northwest Queensland.
It is prospective for iron-oxide copper-gold and has an expected mine life of 15 years at an average annual production of 106 million pounds of copper equivalent.
Copper Mountain also has the Copper Mountain mine in British Columbia and the Cameron Copper Project in Queensland, both of which are prospective for copper-gold mineralisation.
This offering is expected to close on or around November 26.
Copper Mountain has ended the day 5.51 per cent in the red with shares trading for $1.20 each in a $244.1 million market cap.