Copaur closes $5.05 million financing deal
Copaur Minerals Inc. [CPAU-TSXV, COPAF-OTCQX] said Thursday it has raised $5.05 million from a non-brokered private placement of units and will use the proceeds for exploration work on its properties.
The non-brokered private placement consisted of 5.05 million units priced at $1.00 per unit, each of which consists of one common share of the company and one half of a share purchase warrant. Each whole warrant entitles the holder to acquire an additional common share at an exercise price of $1.30 for two years from the date of issuance.
On March 2, 2022, Copaur shares eased 2.2% or $0.03 to $1.35 in light trading. The shares are currently trading in a 52-week range of $1.57 and 23 cents.
Copaur is an exploration company with a focus on advancing orogenic gold and copper porphyry targets on the Williams gold-copper project, which is located in the Golden Horseshoe region of northern British Columbia.
Copaur recently agreed to acquire all of the issued and outstanding shares of New Placer Dome Gold Corp. [NGLD-TSXV]. Copaur said the combination with New Placer Dome will create a leading gold-copper exploration and development company with a portfolio of assets in two of North America’s foremost mining districts, the Toodoggon/Golden Horseshoe mineral district in B.C. and the Great Basin gold district in Nevada.
New Placer Dome is a gold exploration company with a focus on acquiring and advancing gold projects in Nevada. The junior’s flagship Kinsley Mountain Gold project located 90 kilometres south of the Long Canyon Mine (currently in production and part of Newmont Corp., [NGT-TSX, NEM-NYSE]/ Barrick Gold Corp. [ABX-TSX, GOLD-NYSE] Nevada Gold Mines operations), hosts Carlin-style gold mineralization, previous run of mine heap leach production, and NI-43-101 compliant indicated resources of 418,000 ounces of gold grading 2.63 g/t (4.95 million tonnes). On top of that is an inferred resource of 117,000 ounces of gold averaging 1.51 g/t gold (2.44 million tonnes).
Its portfolio includes the Bolo Project, located 90 kilometres northeast of Tonopah, Nevada. It is another core asset that hosts Carlin-style gold mineralization. New Placer Dome also owns 100% of the Troy Canyon Project, located 120 kilometres south of Ely Nevada.
The transaction with Copaur was backed by Liberty Gold Corp. [LGD-TSX], a 15.3% shareholder of New Placer Dome. It said Liberty Gold will remain a significant shareholder of the combined company with Liberty President and CEO Cal Everett remaining as an advisor.
Liberty Gold is focused on the discovery and advancement of large gold deposits that can be mine profitably in open pit scenarios. Its portfolio of projects are located in the United States and Europe. Its flagship projects are Goldstrike in southwest Utah, Black Pine in southeastern Utah, and Kinsley Mountain in southeast Elko County, Nevada. All three are past-producing open pit mines.