Oct 04, 2016
Copper North Closes First of Non-Brokered Private Placement Offering
Copper North Closes First of Non -Brokered Private Placement Offering
October 4, 2016 - Vancouver, British Columbia -- Copper North Mining Corp. ("Copper North" or the "Company") (TSX.V:COL) announces that it has closed the first tranche of its previously announced non-brokered private placement offering (the "Offering").
In connection with the closing of the first tranche of the Offering, the Company has issued 715,000 Flow-Through Shares for gross consideration of $121,550.00 at a price of $0.17 per Common Share.
All securities will be subject to a four month hold.
The gross proceeds from the issue of the flow through shares (as defined in the Income Tax Act (Canada)) (the "Tax Act") included in the Flow Through Shares will be used on a qualifying "flow-through mining expenditure" (as defined in Tax Act) related to the Company's exploration project. The Company intends to renounce Canadian Exploration Expenses (as defined in the Tax Act) with an effective date of no later than December 31, 2016.
The net proceeds of the flow-through shares of the Offering will be used for the drilling, exploration and development activities of the Company's Thor Property.
The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.
About Copper North
Copper North is a Canadian mineral exploration and development company. Its assets include the Carmacks Project located in the Yukon, the Redstone Property located in the Northwest Territories, and the Thor Property in British Columbia. Copper North trades on the TSX Venture Exchange under the symbol COL.
On behalf of the Board of Directors:
Dr. Harlan Meade
President, CEO and Director
For Further Information
Dr. Harlan Meade
President and Chief Executive Officer
You can view the Next News Releases item: Wed Oct 12, 2016, Copper North Announces NI 43-101 Preliminary Economic Assessment Of The Carmacks Copper-Gold-Silver Project
You can view the Previous News Releases item: Wed Sep 21, 2016, Copper North Announces $500,000 Non-Brokered Private Placement Offering
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