Directed placement of 2.4 MSEK in cash
Danderyd March 26, 2020
The Copperstone Board has decided to strengthen the Company’s cash position by 2.4 MSEK through a directed placement, using the authorisation from the Annual General Meeting of 2019. The Company was approached by a debt holder opting for a conversion to equity. The Board decided to also add a strategic investor to this equity raise, adding to our already solid balance sheet.
The transaction structure comprises of the following:
6,711,112 shares for 2,400,095 SEK in cash, prior to settlement costs. No financial advisory fee applies. The issue price is 0.35763 SEK/share, corresponding to 9% discount over the VWAP March 24, 2020 on Nasdaq First North Growth Market, Stockholm. The Company’s CEO has agreed to lend 1,111,112 shares during the registration process.
The number of outstanding shares in Copperstone subsequent to the issue is 596 142 417. Dilution amounts to 1.1%.
“As the success at Viscaria so clearly creates value to Copperstone’s in the longer term, we are obviously happy to see the investor interest, despite the global virus worries.” comments Copperstone CEO Michael Mattsson.
For further information, please contact Michael Mattsson (CEO) at +46(0)580-88890, or or refer to Copperstone webpage: .
This press release contains insider information which Copperstone Resources AB (publ) is obliged to publish according to the EU market abuse regulation (MAR). The information was delivered by the above-mentioned contact for publishing March 26, 2020 at 15:15 CET.
About Copperstone
Copperstone is a public company trading as COPP B on Nasdaq First North Growth Market in Stockholm, Sweden. The Certified Adviser is Augment Partners AB, , 2. The Company is focused on base and precious metal exploration in the vicinity of the internationally recognized mining districts of Kiruna and the Skellefte-field in northern Sweden. In addition, the Company also owns an exploitation concession in the Bergslagen mining region, in central Sweden.
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