News Column

United States : Copper North Announces Private Placement

July 8, 2014



Copper North Mining Corp. ("Copper North" or the "Company") announces that it plans to raise up to $1.3 million by way of a non-brokered private placement (the "Private Placement").

The Private Placement will consist of the sale of up to 5 million flow-through shares at a price of $0.06 per share and the sale of up to 16.7 million units (the "Units") at a price of $0.06 per Unit. Each Unit will consist of one common share of the Company (a "Share") and one half of one non-transferable warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one additional Share at a price of $0.08 until the first anniversary of the closing of the Private Placement and $0.09 from the day following the first anniversary of the Private Placement until expiry. The Warrants will expire 24 months from closing.

The Company intends to use the proceeds from the Private Placement to complete the technical review and for exploration of the Carmacks Project, for exploration at the newly acquired Thor property (subject to TSX Venture Exchange approval), and for working capital and general corporate purposes. The Private Placement is subject to TSX Venture Exchange approval and all securities will be subject to a four month hold period.

Certain directors and officers of the Company may acquire securities under the Private Placement. Any such participation would be considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any securities issued to nor the consideration paid by such persons will exceed 25% of the Company's market capitalization.


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Source: TendersInfo (India)


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