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Lowell Copper Closes Private Placement Financing

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Lowell Copper Closes Private Placement Financing

 

 

 

 

 

Lowell Copper Ltd. (TSX-V:JDL)  is pleased to report that it has closed its previously announced non-brokered private placement.

 

 

The Company raised gross proceeds of $3,453,528 through the issuance of 28,779,399 units at a price of C$0.12 per unit. Each unit is comprised of one common share of the Company and one-half of one transferable common share purchase warrant. Each whole warrant entitles its holder to acquire one common share of the Company for a period of five (5) years at an exercise price of C$0.20. The Company intends to use the proceeds raised in the private placement to further its projects in Ecuador and Chile as well as for general working capital purposes.

 

 

 

The Company paid cash commissions totaling $28,512 to finders in connection with the private placement. All securities issued or issuable under the private placement are subject to a hold period under applicable Canadian securities law, which expires on July 25, 2016, in addition to such other restrictions as may apply under applicable securities laws outside of Canada.

 

 

The Lowell Family Trust, a private trust of which J. David Lowell is a trustee, acquired beneficial ownership of 8,694,400 common shares of the Company and 4,347,200 warrants in the private placement, representing 8.7% of the Company’s issued and outstanding common shares on a non-diluted basis or 12.5% of the Company’s issued and outstanding common shares calculated on a partially-diluted basis (assuming the exercise of the trust’s warrants). After giving effect to the private placement, the Lowell Family Trust and J. David Lowell together beneficially own a total of 20,156,929 common shares, 4,847,200 warrants and 1,100,000 incentive stock options, representing 20.1% of the Company’s issued and outstanding common shares on a non-diluted basis or 24.5% of the Company’s issued and outstanding common shares calculated on a partially-diluted basis (assuming the exercise of their options and warrants). The Lowell Family Trust has advised the Company that it acquired the securities for investment purposes and intends to increase or decrease its beneficial shareholdings from time to time as it may determine appropriate for investment purposes.

 

 

Clare Loudon, as a result of her participation in the private placement, acquired beneficial ownership of 4,500,000 common shares of the Company and 2,250,000 warrants representing 4.5% of the Company’s issued and outstanding common shares on a non-diluted basis or 6.6% of the Company’s issued and outstanding common shares calculated on a partially-diluted basis (assuming the exercise of her warrants). After giving effect to the private placement, Clare Loudon beneficially owns a total of 9,402,736 common shares and 2,250,000 warrants of the Company, representing 9.4% of the Company’s issued and outstanding common shares on a non-diluted basis or 11.4% of the Company’s issued and outstanding common shares calculated on a partially-diluted basis (assuming the exercise of her warrants). Clare Loudon has advised the Company that she acquired the securities for investment purposes and intends to increase or decrease her beneficial shareholdings from time to time as she may determine appropriate for investment purposes.

 

 

Copies of the early warning reports of the Lowell Family Trust and Clare Loudon may be obtained by contacting the Company at the telephone number provided below. In addition to the subscriptions from the Lowell Family Trust and Clare Loudon described above, Zebra Holdings and Investments (Guernsey) Limited acquired 8,333,333 units in the private placement and the Company’s management acquired an aggregate of 725,000 units in the private placement, all on the same terms as other subscribers.

 

 

About Lowell Copper

 

 

Lowell Copper is a copper exploration and development focused company led by J. David Lowell and is listed on the TSX-V. The Company was founded to leverage the current market conditions and build a portfolio of economic copper projects through a combination of exploration, mergers and acquisitions by utilizing the considerable experience and success of management and directors of the Company.

 

Posted March 25, 2016

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