Westaurum Industries (ASE) says it has secured a notice of private placement for $5 million from German investors to explore and develop the Davis-Keays copper mining properties in northwestern British Columbia.
The placement involves the sale of 20 million Westaurum shares at 25 cents per share in three stages. The first funding is expected to take place within 60 days of the company’s shareholder meeting on April 30.
A major drilling program
to expand reserves will begin this summer. Altogether, the properties host a proven
and probable reserve of 2.47 million tons with grades ranging from 3.18% to 5.5% copper. Possible reserves exceed 20 million tons.
Westaurum says it has received an additional commitment of $300,000 through a second private placement.
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