- Bell Copper (BCU) has closed the first tranche of its non-brokered private placement
- The offering raised gross proceeds of up to C$2 million
- Proceeds will be used to fund ongoing drilling and exploration at its Big Sandy Porphyry Copper Project
- The company is focused on the identification, exploration and discovery of large copper deposits located in Arizona
- Bell Copper is down 7.41 per cent, trading at $0.25 at 2:11 pm
The offering raised gross proceeds of up to C$2 million.
In the first tranche, the company issued 6,746,666 units at a price of $0.15. Each unit consists of one common share and one common share purchase warrant. Each warrant is exercisable into one additional common share at a price of $0.25 per share for a period of two years from the date of closing of the financing.
Proceeds will be used to fund ongoing drilling and exploration at its 100-per-cent owned Big Sandy Porphyry Copper Project.
"Although Crescat Capital is mainly a precious metal focused fund, we have recently extended our investment strategy to include some early stage but potentially very large copper exploration projects. Bell Copper holds two such projects, Big Sandy and Perseverance, both situated in the world class Arizona copper district. While Perseverance is being driven forward through an earn-in/joint venture with Robert Friedland's Cordoba Minerals, Bell is exploring Big Sandy on its own. Big Sandy is a huge target with strong evidence of a buried porphyry Cu target.
Bell's technical team led by Dr. Tim Marsh, who is the former chief geologist of the massive Resolution Copper Company, also in Arizona, is the right group to explore Big Sandy. We look forward to watching this story closely as Tim and his team give Big Sandy a solid drill test this year," said Crescat Capital technical advisor Quinton Hennigh.
Bell Copper is a mineral exploration company focused on the identification, exploration and discovery of large copper deposits located in Arizona. The company is exploring its 100-per-cent owned Big Sandy Porphyry Copper Project and the Perseverance Porphyry Copper Project which is under a Joint Venture - Earn In.
Bell Copper is down 7.41 per cent, trading at $0.25 at 2:11 pm.