Sep 25, 2017
Copper North Announces Increase to Previous Non-Brokered Private Placement Offering and Filing of Early Warning Report
September 25, 2017 - Vancouver, British Columbia -- Copper North Mining Corp. ("Copper North" or the "Company") (TSX.V:COL) announces that further to its news release dated September 15, 2017, the Company has increased the size of its previously announced non-brokered private placement (the "Offering") from $2,513,170 to $3,165,070. Under the increased Offering the Company may issue up to an additional 10,865,000 common shares at a price of $0.06 per share to raise gross proceeds of up to an additional $651,900.
The net proceeds of the Offering will be used for general working capital purposes. Closing of a fifth tranche of the Offering is anticipated to occur on or about October 18, 2017 and is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange (the "TSXV"). All securities will be subject to a four month hold.
Further to the Company's news releases dated August 1 and 10, 2017 regarding completion of the first and second tranches of the Offering, the Company is clarifying that the sum of $1,000,000 out of the proceeds raised in those tranches was being held by the Company in escrow pending receipt of requisite approvals, including clearance from the TSXV in respect of a personal information form ("PIF") filed by one of the purchasers. Mr. Somphote Ahunai, a resident of Bangkok, Thailand with an address at 315, Chamjuree Residence, Phayathai, Phatumwan District, Bangkok 10330 Thailand (the "Purchaser"). Shareholder approval of the Purchaser's participation in the Offering may also be required. The PIF was filed on August 15, 2017 and the Company received confirmation of clearance on Friday, September 22, 2017. As a result, 13,666,667 common shares have now been distributed to the Purchaser and the sum of $820,000 was released from escrow to the Company.
The 13,666,667 common shares acquired by the Purchaser represent 19.8% of the Company's 69,025,974 issued and outstanding common shares on a non-diluted basis. The Purchaser does not hold any other securities of the Company at this time.
The Purchaser acquired the securities for investment purposes and intends to evaluate his investment in the Company and to increase or decrease his beneficial shareholdings from time to time as he may determine appropriate for investment purposes.
A copy of the early warning report being filed by the Purchaser may be obtained by contacting Harlan Meade, the CEO of the Company. This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities described herein in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities described herein have not been and will not registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States and may not be offered or sold within the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
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
This news release includes certain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, among others, statements with respect to the completion of additional tranche(s) of the proposed Offering; the price of securities issued pursuant to the Offering; use of proceeds from the Offering; and proposed exploration and development activities and their timing. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, the timeliness and success of regulatory approvals, the timing and success of future exploration and development activities, exploration and development risks, market prices, exploitation and exploration results, availability of capital and financing, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment, unanticipated environmental impacts on operations and other exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that all regulatory and/or shareholder approvals will be received in a timely manner and that the Offeringwill proceed as planned, the proposed exploration and development of the mineral projects will proceed as planned, market fundamentals will result in sustained metals and mineral prices, and any additional financing needed will be available on reasonable terms. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
You can view the Next News Releases item: Wed Sep 27, 2017, Copper North Announces Granting of Stock Options
You can view the Previous News Releases item: Fri Sep 15, 2017, Copper North Closes Final Tranche of Its Non-Brokered Private Placement Offering
You can return to the main News Releases page, or press the Back button on your browser.