VANCOUVER, BC / ACCESSWIRE / March 18, 2022 / Universal Copper Ltd. (“Universal Copper” or the “Company”) (TSXV:UNV)(Frankfurt:3TA2) is pleased to announce that, following the press release dated March 1, 2022 announcing the closing of the first tranche of the Private Placement (the “Private Placement”), it closed the second and final tranche (the “Second Installment”) a non-brokered private placement for aggregate gross proceeds of C$355,500.

A total of 13,070,000 Flow-Through Units and 13,929,556 Non-Flow-Through Units were issued for the two tranches of the Private Placement, for total gross proceeds of C$2,560,660.04.

Universal CEO and Chairman Clive Massey said, “We are very pleased to have completed this significantly oversubscribed private placement. The placement was oversubscribed by a total of $560,660. The added interest in this placement means the ever-increasing interest not only in the copper market but in Universal itself. Once financing closes, the companies’ technical team can continue to advance the Poplar project and all exploration planned for 2022.”

The non-flow-through portion of the second tranche of the private placement consists of the issuance of 2,400,000 shares of the Company (each a “Unity”) at a price of $0.09 per unit aggregating C$214,000 with a full warrant priced at $0.13 for 24 months. Each Unit is composed of one ordinary share of the capital of the Company (one “Common Sharing”) and one common share purchase warrant (each a “To guarantee”).

The flow-through portion of the second tranche of the private placement consists of the issuance of 1,395,000 flow-through units (each “FT Unit”) that qualify as “flow-through shares” (“Flow-Through Shares”) as defined in subsection 66(15) of the Income Tax Act (Canada) at $0.10 per FT unit for a total of CA$139,500. Each FT unit consists of one common share (one flow-through share) and one full warrant at $0.13 per common share (which is not a flow-through share) for 24 months following the closing date of the private placement.

Gross proceeds from the private placement will be used by the Company for exploration work expected to take place during the 2022 field season at its flagship 61,566 hectare Poplar copper deposit, located southwest of Houston. , British Columbia. The Company intends to use the balance of the proceeds for working capital and general corporate purposes.

Completion of the private placement is subject to a number of conditions, including, without limitation, receipt of the TSX Venture Exchange (“TSXV”) approval.

The Company will pay a finder’s fee in accordance with the policies of the TSXV consisting of a cash commission of up to 7% of the gross proceeds raised under the private placement and the finder’s warrants (“Research warrants”) in an amount of up to 7% of the number of units sold under the private placement. Each Finder warrant will entitle its holder to purchase one common share of the Company at a price of $0.13 per share for a period of two years. The total fees paid to all Finder for the second installment include C$21,105.50 and 223,650 Finder Warrants.

All securities issued at the closing of the second tranche of the private placement will be subject to a legal hold period expiring on July 18, 2022 (four months and one day from closing). All BSAs, including BSA Finder, issued under the Second Tranche will expire on March 17, 2024.

About Poplar

The 61,566 hectare Poplar project contains a current undiluted indicated mineral resource of 152.3 million tonnes grading 0.32% copper, 0.009% molybdenum, 0.09 g/t gold and 2. 58 g/t silver and an undiluted inferred mineral resource of 139.3 million tonnes grading 0.29% copper, 0.005% molybdenum, 0.07 g/t gold and 4.95 g /t of money. The mineral resource estimate has a cut-off grade of 0.20% copper. Universal Copper cautions investors that Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.

Poplar is in a historic mining region, located 35 km north of the Huckleberry Mine (service and maintenance; Imperial Metals1) and 42 km southwest of Equity Silver Mine (former producer; Equity Metals Corp.1), where light snowfall will allow for year-round work. The road-accessible property is bisected by a 138 Kva Hydro power line and is 88 km from the head-end in Houston and 400 km from the deep water port of Prince Rupert by rail.

About Universal Copper

Universal Copper Ltd. is a Canada-based copper exploration company focused on the acquisition and exploration of copper properties. The Company’s management team has many years of experience in exploration, finance and effective management of public companies. Universal is currently focused on advancing the Poplar Copper Project, one of the most advanced pre-production copper projects in British Columbia with a current 43-101 resource.

For more information, please visit the company’s website at www.universalcopper.com

Qualified person

The technical content of this press release has been reviewed and approved by R. Tim Henneberry, P.Geo. (BC), a member of the Company’s advisory board and a qualified person under National Instrument 43-101.

1 Adjacent projects, mines and former producing mines provide geological context for Universal Copper’s exploration project, but this does not necessarily indicate that the project contains similar grades or tonnages of mineralization..

ON BEHALF OF THE BOARD OF DIRECTORS

Clive Massy

Clive H. Massey
President and CEO

For more information, please contact:

Investor Relations
Phone: (604) 341-6870

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements

This press release contains certain statements that may be considered “forward-looking” statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”. , “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “could”, “might” or “should” occur. Although Universal Copper Ltd. believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements are not guarantees of future performance, and actual results may differ materially from those in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the management of Universal Copper Ltd. on the date on which the declarations are made. Unless required by law, Universal Copper Ltd. assumes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change.

THE SOURCE: Universal Copper Ltd.

See the source version on accesswire.com:
https://www.accesswire.com/693605/Universal-Copper-Closes-Second-Final-Tranche-of-Private-Placement-for-Proceeds-of-C355500