Nov 15, 2018
Copper North Announces $600,000 Non-Brokered Private Placement Offering
November 15, 2018 - Vancouver, British Columbia -- Copper North Mining Corp. ("Copper North" or the "Company") (TSX.V:COL) announces that it plans to raise up to $600,000 by way of a non-brokered private placement (the "Private Placement").
The Private Placement will consist of the sale of up to 10,909,091 units (the "Units") at a price of $0.055 per Unit, each Unit consisting of one common share of the Company (a "Share") and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one additional Share at a price of $0.10 for a period of 36 months from closing. If, commencing on the date that is four months after the date of issue of the Warrants, the closing price of Company's common shares is higher than Cdn$0.25 for a period of 10 or more consecutive trading days (the "Acceleration Trigger"), the expiry date of the Warrants may be accelerated to the date that is 30 trading days after the date of a news release announcing the Acceleration Trigger.
The net proceeds of the common shares will be used for general working capital purposes.
In connection with the Private Placement, the Company has agreed to pay finder's fees.
Closing of the Offering is anticipated to occur on or before December 5, 2018 and is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange. All securities will be subject to a four month hold.
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 Yukon and the Redstone Property located in Northwest Territories. Copper North trades on the TSX Venture Exchange under the symbol COL.
On behalf of the Board of Directors:
Mr. Robert McKnight, P.Eng, MBA
For Further Information
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 the proposed Private Placement; the price of securities issued pursuant to the Private Placement; use of proceeds from the Private Placement; 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 the Private Placement will receive regulatory approval and will 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.
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