VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 19, 2015) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
Copper North Mining Corp. ("Copper North" or the "Company") (News - Market indicators) announces that it has completed the non-brokered private placement (the "Private Placement") announced on January 23, 2015.
The Private Placement consists of 5,300,000 units (the "Units") at a price of $0.06 per Unit for aggregate gross proceeds of $318,000. Each Unit consists of one common share of the Company (a "Share") and one half of one non-transferable warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to purchase one additional Share at a price of $0.09 until March 19, 2017. All Shares, including Shares issued upon exercise of Warrants are subject to a hold period and may not be traded until July 20, 2015. The Company paid finders' fees of $7,140 in cash and issued 170,000 finders' warrants. Each finder's warrant entitles the holder to purchase one additional common share of the Company at a price of $0.09 until March 19, 2017.
The Company intends to use the proceeds from the Private Placement for resource expansion and engineering of the Carmacks Project, for exploration at the Thor property, and for working capital and general corporate purposes.
Dale Corman, Chairman and Director of the Company of the Company, purchased 1,700,000 Units. His participation in the Private Placement constitutes a "related party transaction" as defined in Multilateral Instrument 61-101 ("MI 61-101"). This transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the securities issued to, nor the consideration paid by, Mr. Corman exceeds 25% of the Company's market capitalization.
The Company did not file a material change report more than 21 days before the expected closing of the Private Placement as the details of the participation therein by related parties of the Company were not settled until shortly prior to closing of the Private Placement and the Company wished to close on an expedited basis for sound business reasons.
On behalf of the Board of Directors:
Dr. Harlan Meade
President, CEO and Director
About Copper North
Copper North is a Canadian mineral exploration and development company. Copper North's 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.
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.
