Idaho Copper, a mineral exploration company focused on a copper-molybdenum-silver project in Idaho, filed on Tuesday with the SEC to raise up to $5 million in an initial public offering. The company is currently quoted on the OTC (COPR).
The company plans to raise $5 million by offering 0.8 million shares at $6.40, the last reported sale price of its shares on the OTC, adjusted for a planned 1:20 reverse stock split. At the proposed price, the company would command a fully diluted market value of $123 million.
Idaho Copper is focused on exploring and developing a copper-molybdenum-silver deposit in Idaho, called the CuMo Project. The project comprises approximately 2,640 acres across 132 mining claims, including 126 federal unpatented lode claims and six patented claims, and is supported by a Preliminary Economic Assessment completed in 2020, with an updated report underway.
The Boise, ID-based company was founded in 2005 and plans to list on the NYSE American under the symbol COPR. ThinkEquity is the sole bookrunner on the deal.
