The Prospector News

Lowell Copper Closes Private Placement Financing

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

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

Share this news article

MORE or "UNCATEGORIZED"


VIZSLA SILVER AGREES TO ACQUIRE NEWLY CONSOLIDATED PAST-PRODUCING SILVER DISTRICT IN THE EMERGING SILVER-GOLD-RICH PANUCO - SAN DIMAS CORRIDOR IN MEXICO

Vizsla Silver Corp. (TSX-V: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) i... READ MORE

March 28, 2024

Additional Drill Results Highlighted by Hole D-380 in Block 6 at Oko West, Intersecting 39.7 m Grading 5.27 g/t Au Including 2.8 m @ 14.18 g/t Au and 13.0 m Grading 10.50 g/t Au

Reunion Gold Corporation (TSX-V: RGD) (OTCQX: RGDFF) is pleased t... READ MORE

March 28, 2024

STLLR Gold’s Tower Gold Project Infill Drilling Continues to Confirm Mineralization at the Jonpol Deposit

STLLR Gold Inc. (TSX: STLR) (OTCQX: STLRF) (FSE: O9D) announces ... READ MORE

March 28, 2024

Hudbay Provides Annual Reserve and Resource Update and Production Outlook

Consolidated copper production is expected to average 153,000i to... READ MORE

March 28, 2024

Aya Gold & Silver: Record 2023 Production, Revenue and Operating Cash Flow

Aya Gold & Silver Inc. (TSX: AYA) (OTCQX: AYASF) is pleased t... READ MORE

March 28, 2024

Copyright 2024 The Prospector News