Copper Ridge Announces $600,000 Financing With The Mineralfields
Copper Ridge Press Release No. 09/2008
Vancouver, BC, May 28, 2008 - Copper Ridge Explorations Inc. - KRX:
TSX.V ("Copper Ridge" or the "Company") is pleased to announce that it
has negotiated a private placement (the "Financing") with MineralFields
Group to raise gross proceeds of $600,000.
Under the terms of the Financing, the Company will issue 6,000,000
flow-through units (the "FT Units") at a price of $0.10 per FT Unit.
Each FT Unit will consist of one flow-through common share (the "FT
Shares") and one-half of one non flow-through share purchase warrant
(the "FT Warrants"). Each whole FT Warrant will be transferable and
will entitle the holder to purchase one additional non flow-through
common share, exercisable at a price of $0.20 per share for an initial
period of 12 months from the date of closing of the Financing and at a
price of $0.30 per share for a further 12 months thereafter. The FT
Shares will entitle the holder to receive the tax benefits applicable
to flow-through shares, in accordance with the provisions of applicable
Canadian tax legislation.
If at any time after the first four (4) months of the term of the FT
Warrants, the closing price for the Company's common shares is equal to
or greater than $0.40 per share during the initial 12 month term of the
FT Warrants and $0.60 per share during the second 12 month term
thereof, for a period of twenty (20) consecutive trading days, Copper
Ridge may deliver a notice (the "Notice") to the holders of the FT
Warrants notifying them that they must exercise their FT Warrants
within thirty (30) days from the date of such Notice as otherwise the
subject FT Warrants will expire thereafter.
Limited Market Dealer Inc. will be paid a cash finder's fee of 5% of
the funds raised, and will be issued a finder's fee option to acquire
Units (the "Compensation Units") equal to 10% of the total number of FT
Units sold, exercisable at $0.10 per Compensation Unit for a term of
two years from the date of closing of the Financing.
Shares acquired by placees and shares which may be acquired upon the
exercise of FT Warrants, will be subject to a hold period and may not
be traded in British Columbia until four months after closing of the
The proceeds of the Financing will be used to fund the ongoing
exploration of the Company's projects located in British Columbia and
This Financing is subject to the acceptance of the TSX Venture
"We are very pleased to be initiating a relationship with MineralFields
Group", said Gerry Carlson, President of Copper Ridge. "We look forward
to working with MineralFields Group as we explore our mineral projects
in British Columbia and the Yukon."
This release was prepared by management of the Company who takes full
responsibility for its contents. The TSX Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or
accuracy of this news release.
About MineralFields, Pathway and First Canadian Securities �
MineralFields Group (a division of Pathway Asset Management) is a
Toronto- and Vancouver-based mining fund with significant assets under
administration that offers its tax-advantaged super flowthrough limited
partnerships to investors throughout Canada during most of the calendar
year, as well as hard-dollar resource limited partnerships to investors
throughout the world. Pathway Asset Management also specializes in the
manufacturing and distribution of structured products and mutual funds.
Information about MineralFields Group is available at
www.mineralfields.com. First Canadian Securities � is active in leading
resource financings (both flow-through and hard dollar PIPE financings)
on competitive, effective and service-friendly terms, with investors
both within, and outside of, MineralFields Group.
About Copper Ridge
The Company's exploration philosophy focuses on maximizing the
potential for success in a high-risk business. With grass roots mineral
exploration, where the entry cost is low but the potential reward can
be very high, success will be contingent on exploration skill and on
carefully managed risk. Our management team brings tenacity, technical
skill and experience, all crucial ingredients for discovery. By
exploring a broad array of projects, focusing on the right commodities,
in areas of high mineral potential and in mining-friendly jurisdictions
and by sharing the risks on some projects with joint venture partners,
the Company is exposing its shareholders to a greater chance for
discovery. The Company is anticipating an active field program on its
Yukon and British Columbia properties in 2008.
Gerald G. Carlson, President & CEO
Copper Ridge Explorations Inc.
Suite 500 -- 625 Howe Street
Vancouver, B.C. V6C 2T6
Phone: 604-688-0833; 1-888-278-2288
TSX Venture Exchange - KRX
Pink Sheets - CRXOF
Berlin - 502845
Copyright (c) 2008 COPPER RIDGE EXPLORATIONS INC. (KRX) All rights
reserved. For more information visit our website at
http://www.copper-ridge.com/ or send mailto:email@example.com