- Bell Copper’s has closed the second tranche of non-brokered private placements
- 1,760,000 units – each comprised of one common share and one common share purchase warrant – will be issued to shareholders
- A third and final tranche financing is due to close at the end of January.
Exploration company Bell Copper has informed the market it has closed the second tranche of its non-brokered private placement unit financing and will issue 1,760,000 units to shareholders, with gross proceeds of CAD$88,000.
The money will be allocated towards acquiring additional exploration projects and for general working capital purposes.
Each unit comprises one common share in the company and one common share purchase warrant, the latter entitling the holder to purchase an additional common share at CAD$0.08 per share anytime within 24 months of the issuing date.
It is also subject to the right of Bell Copper to accelerate the exercise period of the warrants if common shares of the company trade at or above CAD$0.40 for 15 consecutive trading days. Securities issued under this private placement are also subject to a four-month resale restriction.
The company intends to close the third and final tranche of this financing by the end of the month (January 2020).
Bell Copper Corporation’s share price is trading at CAD$0.0700 and has a market cap of CAD$5.265 million.