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Lowell Copper, Gold Mountain, Anthem further increase placement to C$60.5M

Lowell Copper Ltd., Gold Mountain Mining Corp. and Anthem United Inc. agreed to again increase the private placement related to their proposed business combination to create JDL Gold Corp., according to an Oct. 3 news release.

The companies will now raise up to C$60.5 million, compared to C$55 million previously targeted, via a nonbrokered private placement of subscription receipts priced at C$2 apiece. The companies previously increased the offering from C$40 million to C$55 million.

The second and final tranche of the financing is expected to close Oct. 4, with additional proceeds to be used to take advantage of potential acquisition opportunities and for general corporate purposes.

In late September, shareholders of each of Lowell Copper, Gold Mountain Mining and Anthem United unanimously approved the proposed business combination to form JDL Gold Corp., a new company focused on gold and copper.