CopAur Minerals Inc. (TSX.V: CPAU) has made a non-brokered private placement of up to 4,000,000 shares at $0.50 per share for gross proceeds of up to $2,000,000. Each unit comprises one share with one-half of one share purchase warrant. The holders of each whole warrant will be able to acquire an additional common share of the Company at an exercise price of $0.75 per share for two years after the closing date of the private placement.
The Bolo Gold-Silver project (Nye County, Nevada) will be bought for 50.01% in Q4 2022, using partial proceeds from the private placement. During Q4 2022, up to 4,000 meters of core and RC drilling will be done at the Bolo South Mine Fault Zone (1,000 meters) and other targets (3,000 meters). By investing an additional $4 million over the next two years, the Company may increase its ownership to 75%.
The Company may raise additional funds to develop further its 79.99% interest in Kinsley Mountain, located in Elko and White Pine counties, Nevada. The Western Flank Zone, an oxide deposit near the surface, contains a current mineral resource of 418,000 indicated ounces of gold at 2.63 grams per tonne (g/t) gold and 117,000 inferred ounces of gold at 1.51 g/t gold.
The Company may pay finder’s fees to eligible individuals in accordance with applicable securities laws and exchange standards if the TSX Venture Exchange approves this financing.