By Devika Patel
Knoxville, Tenn., Nov. 15 - Copper Resources Corp. said it will conduct a £56.25 million private placement of shares.
The company will sell 45 million common shares at 125p per share to Glencore International AG.
Following the deal, Glencore will own 35.7% of Copper Resources' enlarged share capital.
Proceeds will be used to fast-track the company's Kinsenda copper restart project, complete a feasibility study at Musoshi, an underground copper mine, for exploration, general corporate expenses and the completion of a new scoping study.
Based in Johannesburg, South Africa, Copper Resources is a minerals exploration and development company.
| Issuer: | Copper Resources Corp.
|
| Issue: | Common shares
|
| Amount: | £56.25 million
|
| Shares: | 45 million
|
| Price: | 125p
|
| Investor: | Glencore International AG
|
| Pricing date: | Nov. 15
|
| Stock symbol: | London: CRC
|
| Stock price: | 134p at close Nov. 14
|
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