Non-brokered deal funds projects in Ecuador and Chile, working capital
By Devika Patel
Knoxville, Tenn., March 10 – Lowell Copper Ltd. said it increased its non-brokered private placement of units to C$3.4 million from C$2.8 million. The deal priced on Feb. 22.
The company will now sell 28,333,333 units of one common share and a half-share warrant at C$0.12 per unit. Each whole warrant is exercisable at C$0.20 for five years. The strike price reflects a 33.33% premium to the Feb. 19 closing share price of C$0.15.
Proceeds will be used for projects in Ecuador and Chile and general working capital purposes.
The copper exploration and development company is based in Vancouver, B.C.
| Issuer: | Lowell Copper Ltd.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$3.4 million
|
| Units: | 28,333,333
|
| Price: | C$0.12
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 22
|
| Upsized: | March 10
|
| Stock symbol: | TSX Venture: JDL
|
| Stock price: | C$0.15 at close Feb. 19
|
| Market capitalization: | C$12.9 million
|
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