- Aurwest Resources Corporation (AWR) has disclosed that Copper Star plans to complete a private placement financing of subscription receipts
- This is in line with the recent closing of Aurwest’s plan of arrangement and spin-out of its Copper Stars property in British Columbia to Copper Star Exploration Ltd
- As a condition to becoming a publicly-listed company, Copper Star will complete a non-brokered private to raise proceeds of up to $1,025,000
- Copper Star Exploration Ltd. is a private Canadian-based junior resource company focused on the acquisitions, exploration and development of mineral properties in Canada
- Aurwest Resources Corporation was unchanged at $0.045 at 09:56 ET
Aurwest Resources Corporation (AWR) has disclosed that Copper Star plans to complete a private placement financing.
This private placement financing of subscription receipts is in line with the recent closing of Aurwest’s plan of arrangement and spin-out of its Copper Stars property in British Columbia to Copper Star Exploration Ltd.
Copper Star will be applying to become a publicly-listed company through a direct listing on the Canadian Securities Exchange. One of the conditions of the listing is the completion of the private placement financing.
Copper Star intends to complete a non-brokered private placement of subscription receipts to raise aggregate proceeds of up to $1,025,000.
This will be done through the issuance of up to 5,000,000 flow-through subscription receipt units at a price of $0.10 per FT unit for gross proceeds of up to $500,000.
It also involves the issuance of up to 7,000,000 conventional subscription receipt units at a price of $0.075 per conventional unit for gross proceeds of up to $525,000.
Copper Star is also pleased to announce that it has appointed Cam Grundstrom as a director of Copper Star. Mr. Grundstrom (B.Sc. Eng.) brings over +37 years as a mining engineer with extensive operations and development experience.
The gross proceeds of the offering will be held in escrow by Olympia Trust Company and invested as pursuant to the terms of a subscription receipt agreement.
The proceeds of the offering will be used primarily to fund Copper Star’s exploration program at its 100-per-cent interest in the 28,814-hectare Stellar Stars copper/gold property.
Aurwest Resources Corporation is a Canadian-based junior resource company focused on the acquisition, exploration, and development of gold properties in Canada.
Copper Star Exploration Ltd. is a private Canadian-based junior resource company focused on the acquisitions, exploration and development of mineral properties in Canada.
Aurwest Resources Corporation was unchanged at $0.045 at 09:56 ET.