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Re: News Release - Tuesday, June 17, 2008
Copper Ridge Announces Closing of $600,000 Financing with the
Mineralfields Group
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News Release 10/2008
Vancouver, BC, June 17, 2008 - Copper Ridge Explorations Inc. - KRX:
TSX.V ("Copper Ridge" or the "Company") is pleased to announce that it
has completed the private placement (the "Financing") with the
MineralFields Group announced on May 28, 2008 and has raised gross
proceeds of $600,000.
Under the terms of the Financing, the Company issued 6,000,000
flow-through units (the "FT Units") at a price of $0.10 per FT Unit.
Each FT Unit consists of one flow-through common share (the "FT
Shares") and one-half of one non flow-through share purchase warrant
(the "Warrants"). Each whole Warrant is transferable and entitles the
holder to purchase one additional non flow-through common share,
exercisable at a price of $0.20 per share until June 16, 2009 and $0.30
per share until June 16, 2010. The FT Shares 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
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
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 Warrants
notifying them that they must exercise their Warrants within thirty
(30) days from the date of such Notice as otherwise the subject
Warrants will expire thereafter.
Limited Market Dealer Inc. was paid a cash finder's fee of $30,000 and
was issued a finder's fee option to acquire up to 600,000 Units (the
"Compensation Units"), exercisable at a price of $0.10 per Compensation
Unit until June 16, 2010.
The securities issued in connection with the Financing are subject to a
hold period and may not be traded until October 17, 2008.
The proceeds of the Financing will be used to fund the ongoing
exploration of the Company's projects located in British Columbia and
the Yukon.
About MineralFields, Pathway and First Canadian Securities (r)
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 (r) 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's active 2008 field program on its Yukon and
British Columbia properties is now underway.
Contact:
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
Fax: 604-688-0835
info@copper-ridge.com
TSX Venture Exchange - KRX
Pink Sheets - CRXOF
Berlin - 502845
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.
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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:info@copper-ridge.com
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