VANCOUVER, BC / ACCESSWIRE / April 15, 2019 / Universal Copper Ltd. ("UNV", "Universal Copper" or the "Company") (formerly Tasca Resources Ltd.) (TSX Venture symbol: UNV) is pleased to announce that, further to its News Release on March 22, 2019, (subject to the final acceptance of the TSX Venture Exchange) it has closed its private placements of Non Flow Through Units (each a "NFT Unit") and Flow Through Units (each a "FT Unit"), receiving subscriptions for aggregate gross proceeds of $690,325.
In the private placement, UNV sold 6,005,000 NFT Units at a price of $0.065 per NFT Unit for gross proceeds of $390,325 and 4,000,000 FT Units at a price of $0.075 per FT Unit for gross proceeds of $300,000 for aggregate gross proceeds of $690,325.
Each NFT Unit is comprised of one common share of the Company and one share purchase warrant (each a "NFT Unit Warrant"). Each NFT Unit Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of $0.10 per common share for a five-year term expiring at 4:30 pm (pacific) on April 14, 2024.
Each FT Unit is comprised of one common share of the Company and one share purchase warrant (each a "FT Unit Warrant"). Each FT Unit Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of $0.10 per common share (which will not be a flow-through share) for a two-year term expiring at 4:30 pm (pacific) on April 14, 2021.
Two (2) independent directors of the Company subscribed for a total of 1,250,000 NFT Units sold in this private placement.
For additional information please visit the Company's website at www.universalcopper.com
ON BEHALF OF THE BOARD OF DIRECTORS
Clive H. Massey
President & CEO
For further information, please contact:
Phone: (604) 644-6794
Neither 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.
This news release contains certain statements that may be deemed "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", "may", "could" or "should" occur. Although Universal Copper Ltd. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Universal Copper Ltd. management on the date the statements are made. Except as required by law, Universal Copper Ltd. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE: Universal Copper Ltd.