pcNewsWire – Copper North Mining Corp. (TSX-V: COL) intends to close a non-brokered private placement of up to 4,000,000 flow through shares at $0.10 per FT share and 4,444,445 units at $0.09 per unit for aggregate gross proceeds of up to $800,000.
The net proceeds of the flow-through shares offering will be used for the drilling, exploration and development activities of the company’s Carmacks project. The net proceeds of the common share units will be used for general working capital purposes.
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES
Copper North Announces $800,000 Non-Brokered Private Placement Offering
June 13, 2017 – Vancouver, British Columbia – Copper North Mining Corp. (“Copper North” or the “Company”) (TSX.V:COL) announces a non-brokered private placement offering (the “Offering”) to sell up to 4,000,000 flow through shares (“Flow-Through Shares”) at a price of $0.10 per Common Share and 4,444,445 common share units (“Common Share Units”) at price of $0.09 per Common Share to raise gross proceeds of up to $800,000.
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, 2017.
Each Common Share Unit consists of one Common Share and one non-transferable share purchase warrant. Each whole warrant entitles the holder thereof to acquire one Common Share at a price of $0.14 per Common Share for a period of twenty-four (24) months following the closing of the Offering. Warrants will NOT be listed for trading. The proceeds from the issue of the Common Share Units will be used for working capital purposes.
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 Carmacks project. The net proceeds of the common share units will be used for general working capital purposes.
Closing of the Offering is anticipated to occur on or before July 28, 2017 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 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