(MENAFN- ProactiveInvestors)
() substantial shareholder Valbonne II has increased its interest in the company to 12.02% from 4.17% through participation in its recent $2.1 million placement.
Valbonne II acquired 20 million shares priced at $0.25 each for a total of $500000. This takes its total holding in the company to 27433942 shares.
Proceeds will be used to progress the Viscaria Copper Project in Sweden’s infrastructure rich Kiruna region which is home to Kiirunavaara – the world’s largest underground iron ore mine.
The first drill hole at the Nihka target intersected alteration consistent with an iron oxide copper system while drilling at Viscaria D Zone returned high grade copper grading up to 2.2% outside the existing resource area.
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