Trading in shares of Allied Copper Corp. (CPR:TSX; CPRRF:OTCQB) will resume on Thursday, Nov. 4 on the TSX Venture Exchange. Trading has been halted since May 5 pending the completion of a reverse takeover.
Allied Copper is a mineral exploration company focused on acquiring and developing copper-gold assets in the Western United States. The company states that its strategy is to focus on low cost and potential high growth operations over a multi-year growth pipeline in low-risk jurisdictions.
Based on the definitive agreement of May 5 with 1269280 B.C. Ltd., a private company formed under the laws of British Columbia, and 1303288 B.C. Ltd., a wholly owned subsidiary of the company, Allied Copper acquired all the issued and outstanding shares of 1269280 B.C. Ltd. That company's sole asset is an option agreement to earn a 100% interest in the Silver King project, located in Nevada.
In exchange, Allied Copper issued 6,691,000 common shares valued at CA$0.30 per share to the shareholders of the British Columbia company.
Allied Copper also completed two private placements. The first one is for 8,333,333 common shares at CA$0.30 per share, and 4,166,659 warrants at an exercise price of CA$0.45 valid for two years.
Prior to the reverse takeover, 1269280 B.C. Ltd., completed a private placement of subscription receipts, which have been exchanged into 12,523,623 common shares at a purchase price of CA$0.30 and 6,261,811 warrants at an exercise price of CA$0.45, valid until Aug. 12, 2023.
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1) Patrice Fusillo compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She owns, or members of her immediate household or family own, securities of the following companies mentioned in this article: None. She is, or members of her immediate household or family are, paid by the following companies mentioned in this article: None.
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