Copaur Minerals closes $3.28-million financing

Executive Summary

• Copaur Minerals Inc. has closed an oversubscribed non-brokered private placement raising gross proceeds of $3,281,420.
• The financing consists of 32,814,200 units issued at $0.10 per unit, with each unit containing one common share and one-half of a common share purchase warrant.
• Proceeds are designated for advancing the Kinsley Mountain gold property development, securing permits for the Troy Canyon property, and general working capital.

Key Details

• Gross Proceeds: $3,281,420.
• Units Issued: 32,814,200 units.
• Price Per Unit: $0.10.
• Warrant Terms: Each unit includes one-half of a warrant; each whole warrant allows the purchase of one common share at $0.20.
• Warrant Expiry: 24 months from issuance.
• Acceleration Provision: Warrants may be accelerated to expire 30 days after notice if common shares trade at or above $0.30 for 10 consecutive trading days.
• Hold Period: Four months plus one day from the date of issuance.
• Finder’s Fees: $6,000 in cash and 24,000 non-transferable finders' warrants exercisable at $0.20 for two years.
• Insider Participation: Management/insiders acquired 1.5 million units (4.6% of units sold) in a related party transaction exempt from formal valuation and minority shareholder approval requirements under MI 61-101.
• Use of Proceeds:
  • Advancing development program on the Kinsley Mountain gold property in Nevada.
  • Securing permits for preliminary exploration on the Troy Canyon property in Nevada.
  • General working capital.
• Investor Composition: Four entities account for approximately 84% of the raise, indicating attraction of long-term investors.

Notable Quotes

• "Copaur announced the private placement on Oct. 23 and I am thrilled we are able to announce the closure less than one month later. In that time, we have been able to attract rock-solid long-term investors, with four entities accounting for approximately 84 per cent of the raise. This is a testament to the quality of the projects Copaur has under development and the capabilities of the team the company has assembled to advance these projects. We believe this puts Copaur squarely on the path to becoming a gold mine developer in the near future," commented Andrew Neale, chief executive officer.