Vizsla Copper upsizes financing to $2.5 million
Vizsla Copper Corp. [VCU-TSXV, VCUFF-OTCQB, 97E0-Frankfurt] said it has increased the size of a previously announced non-brokered private placement financing to $2.5 million. That’s up from the earlier target of $1.5 million.
The company said it will now issue up to 38.4 million units priced at 6.5 cents, up from 23.07 million when the financing was first announced on March 5, 2024. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to acquire one additional share at 12 cents per warrant share until the date which is 36 months after the closing date which is expected to occur on April 4, 2024.
The net proceeds of the offering will be used for further exploration and general working capital purposes.
Vizsla Copper shares closed unchanged at 10 cents on March 18, 2024. The shares currently trade in a 52-week range of 29.5 cents and $0.07.
News of the upsized financing comes after Vizsla recently said it had struck a definitive deal to acquire all the issued and outstanding shares of Universal Copper Ltd. [UNV-TSXV, #TA2-Frankfurt] by way of a plan of arrangement.
Universal is a Canadian copper exploration company. Its flagship Poplar Project is one of the most advanced pre-production copper projects in British Columbia. The project is large and covers 39,000 hectares in an accessible region of the central interior of B.C. It hosts an indicated resource of 152.3 million tonnes of grade 0.32% copper, 0.009% molybdenum, 0.09 g/t gold and 2.58 g/t silver. On top of that is an inferred resource of 139.3 million tonnes of grade 0.29% copper, 0.005% molybdenum, 0.07 g/t gold and 4.95 g/t silver.
Vizsla Copper has evolved from a move by Vizsla Silver Corp. [VZLA-TSXV] spin out its British Columbia copper assets. Combining the Poplar project with Vizsla Copper’s Woodjam, Regold, Copperview and Carruthers Pass properties, offers shareholders exposure to a growing pipeline of projects ranging from expansion driven brownfield development to exciting discovery-seeking greenfield exploration, the companies has said.
Vizsla is primarily focused on the Woodjam project, located in the Quesnel Terrane, 55 kilometres east of Williams Lake. B.C. It has three additional copper exploration projects, Copperview, Redgold and Carruthers Pass.
Carruthers Pass is a shale-hosted massive sulphide project (base and precious metals), discovered in 1997 by Phelps Dodge Corp. of Canada. It consists of eight contiguous mineral claims covering 3,250 hectares, located approximately 200 kilometres northeast of the community of Smithers.
The Kemess Mine road passes 25 kilometres north and east of the claims while industrial logging roads extend from Takla Lake northward to withing 35 kilometres of the property.