Super Copper raising $6.0 million from upsized offering
Super Copper Corp. [CUPR-CSE, CUPPF-OTCQB, N60-FSE] said it is increasing the size of a previously announced brokered private placement offering of units that is now expected to raise $6.0 million, up from the earlier $2.0 million target.
Super Copper is focused on advancing and consolidating global copper assets from early discovery to late-stage development. The company is currently advancing its copper projects in Atacama, Chile, including Cordillera Cobre and Castilla.
Under the terms of the offering, each unit will consist of one common share and one share purchase warrant. Each warrant will entitle the holder to acquire one additional share at a price of $1.15 for 36 months from closing, which is expected to occur by March 6, 2026.
The company said it intends to use the net proceeds from the offering to advance the Cordillera and Castilla projects toward drill-ready status, complete property-wide magnetics and Induced Polarization (IP) survey at its Castilla project to map iron oxide copper gold ore (IOCG) targets and sulfide concentrations at depth and complete a maiden drilling program at Cordillera Cobre.
Super Copper shares were unchanged at 88 cents on Friday and trade in a 52-week range of $1.36 and 30 cents.
News of the upsized financing comes after the company recently released a geological interpretation of results from its Phase 1.0 surfacing sampling and mapping program at the 100%-owned Castilla copper-gold project, which covers 7,200 hectares.
“Our Phase 1.0 work confirms that Castilla is not a collection of isolated veins, but a structurally coherent and potentially large IOCG system,’’ said Super Copper CEO Zachary Dolesky. “The combination of very high-grade gold and copper at surface, extensive strike continuity, and a well-developed iron oxide core suggests the system strengthens at depth,’’ he said. “Importantly many of these structures extend beneath shallow cover, indicating significant exploration potential beyond what is currently exposed.’’
The company noted that mineralized vein systems and mine workings on the property have strike lengths of up to 500 metres, remaining open along strike and under shallow cover. It also said historical mine workings confirm mineralization to depths of at least 50 metres, with no modern drilling conducted to test depth extensions.
Select samples from the Phase 1.0 program returned values up to 53.8 g/t gold, 17.7% copper and over 50% iron, highlighting the presence of high-grade zones. The project is situated within the Atacama Fault System, a primary structural corridor controlling major copper-gold mineralization in northern Chile.
The 7,430-hectare Cordillera Cobre Project hosts multiple zones of IOCG and carbonate vein-copper-gold mineralization associated with strong magnetic and structural trends. Supper Copper holds an option to obtain 100% ownership, a fact that enables the company to advance a project that features extensive upside across untested targets.