Consolidated Woodjam arranges $1-million in financings

Sep 3, 2020

2020-09-03 12:47 ET – News Release

Mr. Glen Garratt reports

CONSOLIDATED WOODJAM COPPER PROPOSED PRIVATE PLACEMENT AND DRILL PROGRAM UPDATE

Consolidated Woodjam Copper Corp. intends to raise up to $1-million by way of the following non-brokered private placements, subject to TSX Venture Exchange acceptance:

up to $500,000 by way of a unit private placement at a price of $0.10 per unit, with each unit to consist of one common share and one share purchase warrant, with each warrant to entitle the holder to purchase an additional common share at a price of $0.15 for a period of 1 year from closing; and
up to $500,000 by way of a flow-through share private placement at a price of $0.12 per flow-through share.

The private placements are not subject to any minimum subscriptions, and certain insiders of the Company have agreed to participate, with full particulars of such participation to be included in the news release announcing the closing of these private placements. The proceeds will be used by Woodjam Copper to finance an exploration program at its 100% owned Woodjam project and for general working capital.

The securities issued pursuant to these private placements will be subject to a hold period expiring four months and one day from the date of issuance.

Drill Program Update

A drill program has been underway since August 26, 2020 (see news release dated August 27, 2020) and the first hole in the Deerhorn Zone appears to have intercepted the mineralized zone at approximately 89 m down the hole, close to what had been projected from other holes in the area. The mineralization is characterized by quartz veinlets and stockworks often carrying some chalcopyrite. Estimating grade is not possible.

About Consolidated Woodjam Copper Corp.

Woodjam Copper trades on the TSX-V exchange and, based on its acquisition agreement with Gold Fields, owns a 100% interest in the Woodjam North and Woodjam South projects in British Columbia. Visit the Company’s website at:

https://www.woodjamcopper.com/