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CopperCo closes in on Universal

LOCALLY based CopperCo, which is currently attempting a takeover of its WA counterpart Universal Resources, has issued more than 80.6 million shares in its scrip offer for Universal shares, taking the CopperCo’s interest in Universal to 18.5 per cent. The consideration offers six CopperCo shares for every one of Universal’s. The Universal board has recently agreed to an off-take agreement with Xstrata Copper, giving it the option to acquire 51 per cent of Universal’s core asset, the Roseby project.

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