02:28 PM EDT, 05/16/2024 (MT Newswires) -- Coast Copper ( COCCF ) said Thursday it closed a private placement of share units, raising $525,000.

The company placed 8.75-million units in the financing, with each priced at C$0.06 and made up of a share and three-year warrant to buy a second share for $0.12.

The company said proceeds will be used to make the final payment due September 2024 in relation to the Company's optioned Empire Mine property mineral claims; conduct field work on the newly acquired Sully property; ontinue Coast Copper's ( COCCF ) strategic mineral property acquisition program and for working capital.

Following the offering, chief executive Adam Travis will own or control, directly and indirectly, securities representing 9 million common shares of the company on an undiluted basis, and 13,.4 million on a partially diluted basis, representing approximately 12.25% and 17.25% of the company's issued and outstanding shares, respectively.

Coast Copper ( COCCF ) shares were last seen up $0.005 to $0.075 on the TSX Venture Exchange.