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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