Universal Copper closes $1.32-million private placement

Apr 24, 2023

2023-04-24 11:32 ET – News Release

Mr. Clive Massey reports

UNIVERSAL COPPER CLOSES NON-BROKERED PRIVATE PLACEMENT OF UNITS

Further to Universal Copper Ltd.’s news release issued March 21, 2023, the company has received the final approval of the TSX Venture Exchange and closed its non-brokered private placement of units. The private placement was oversubscribed by 10 per cent. The company will issue 52,810,200 units of the company at a price of 2.5 cents per unit for $1,320,255 (gross proceeds) with a full warrant at a price of five cents for two years from closing.

Each unit will consist of one common share at 2.5 cents and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at five cents per common share for a period of 24 months following the date of issuance.

The company has agreed to pay a 7-per-cent finder’s fee comprising $28,210.35 in cash and 1,128,414 non-transferable finder’s warrants on a portion of the private placement in accordance with the policies of the exchange. Each finder’s warrant entitles the holder to purchase one common share at five cents per common share for a period of 24 months following the date of issuance.

The securities issued 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 financing of existing operations and future geological work on the Poplar project as follows: 15 per cent general and administrative, 68 per cent exploration and property maintenance, and 17 per cent existing payables.

There are no proposed payments to non-arm’s-length parties or investor relations firms.

No related parties have participated in the private placement.

About Universal Copper Ltd.

Universal Copper 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 preproduction copper projects in British Columbia with a historic National Instrument 43-101 resource.

We seek Safe Harbor.

https://www.universalcopper.com/