VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 26, 2014) - Dale Corman of 18th floor, 570 Granville Street, Vancouver, BC V6C 3P1 announces that he has acquired beneficial ownership and control of 6,860,000 common shares of Copper North Mining Corp. (the "Company") pursuant to the conversion of amounts owing to him by the Company in relation to an outstanding loan (the "Loan"). Mr. Corman is a director of the Company.
As announced on May 8, 2013, Mr. Corman provided Copper North with the $300,000 Loan that carried an interest rate of eight percent (8%) per year. In consideration of the risk taken by Mr. Corman, he was also entitled to a bonus of shares equal to 20% of the principal amount of the Loan.
In accordance with the terms of the loan agreement, the Company issued 6,860,000 common shares at a deemed price of $0.05 per common share and paid $43,000 in cash to settle amounts owing to the Mr. Corman for principal, interest and bonus shares.
After giving effect to the Loan repayment in common shares, Mr. Corman owns, directly, 9,426,200 common shares of the Company and 315,000 stock options, representing 11.7% of the Company's issued and outstanding common shares on a non-diluted basis or 12.1% on a partially-diluted basis assuming exercise of his stock options. Mr. Corman's wife, Caroline Corman (an associate of Mr. Corman pursuant to Multilateral Instrument 62-104), owns 1,505,000 common shares of the Company and warrants exercisable to purchase 835,000 common shares of the Company. Mr. and Mrs. Corman collectively own 10,931,200 common shares of the Company, representing 13.6% of the Company's issued and outstanding common shares or 14.8% on a partially-diluted basis assuming exercise of Mr. Corman's stock options and Mrs. Corman's warrants.
Mr. Corman acquired the common shares for investment purposes. He 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. The common shares were issued pursuant to the securities for debt exemption in National Instrument 45-106.
A copy of the early warning report being filed by Mr. Corman may be obtained by contacting Julien Francois at 604-638-2505.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
18th floor, 570 Granville StreetVancouver, BC V6C 3P1
Source: Dale Corman