Oct 12, 2016
Copper North Closes Non - Brokered Private Placement Offering
October 12, 2016 - Vancouver, British Columbia -- Copper North Mining Corp. ("Copper North" or the "Company") (TSX.V:COL) announces that it has closed its previously announced non-brokered private placement offering (the "Offering"). The Company raised an aggregate of 715,000 Flow Through Shares at a price of $0.17 per Flow Through Share for gross proceeds of $121,550 and 1,050,000 non flow through units ("Common Share Units") at a price of $0.15 per Common Share Unit, for gross proceeds of $157,500.
Each Flow Through Share consists of one flow-through common share. Each Common Share Unit consists of one common share and one-half of one non-transferable share purchase warrant. Each whole warrant entitles the holder thereof to acquire one Common Share at a price of $0.25 per Common Share for a period of twenty-four (24) months following the closing of the Offering. Warrants will NOT be listed for trading.
All securities issued under the private placement will have a four month statutory hold period expiring on February 5, 2017 and February 13, 2017, respectively.
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 proceeds from the issue of the Common Share Units will be used for working capital purposes.
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
You can view the Next News Releases item: Thu Oct 20, 2016, Copper North Discovers Porphyry Copper-Gold Mineralization at Thor Property, NW British Columbia
You can view the Previous News Releases item: Wed Oct 12, 2016, Copper North Announces NI 43-101 Preliminary Economic Assessment Of The Carmacks Copper-Gold-Silver Project
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