NEW YORK Waterloo Resources Ltd. has purchased all outstanding shares of Lowell Copper Inc. and completed an $11.37 million private placement financing to fund exploration projects, Lowell Copper announced July 10. Waterloo will be renamed Lowell Copper Ltd.
David Lowell, Lowells chief executive officer, president and founder, will be the new joint companys chairman, chief executive officer and director. The Vancouver, British Columbia-based company announced the takeover in February (amm.com , Feb. 26).
We are pleased to have completed these transactions and to be a part of J. David Lowells and his teams third entry into the Canadian public markets, Waterloo chief executive officer Marcel de Groot said. Lowell previously founded Arequipa Resources Ltd., which was acquired by Toronto-based Barrick Gold Corp., and Peru Copper Inc., which was acquired by Beijing-based Aluminum Corp. of China (Chinalco).
Waterloo has also offered more than 21.06 million units of the company for anticipated proceeds of $11.37 million, the company announced. Previously the company announced an offering of 18.52 million units for $10 million. Lowell said the offering will be used to further the exploration of its mineral properties and for general working capital purposes.
Lowell Coppers main asset is a copper-molybdenum porphyry property in Ecuador. The company also has a deal to acquire a copper exploration project in Chile.