Copper North Mining Corp. Completes Unit Financing
03.02.2015 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwired - Feb. 3, 2015) - Copper North Mining Corp. ("Copper North" or the "Company") (TSX VENTURE:COL) announces that it has completed the unit portion of the non-brokered private placement (the "Private Placement") announced on November 24, 2014, as updated on December 19, 2014.The unit portion of the Private Placement consists of 4,750,000 units (the "Units") at a price of $0.06 per Unit for aggregate gross proceeds of $285,000. 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 February 3, 2017. All Shares, including Shares issued upon exercise of Warrants are subject to a hold period and may not be traded until June 4, 2015.
The Company intends to use the proceeds from the Unit portion of the Private Placement for technical review of the Carmacks Project and for working capital and general corporate purposes.
Harlan Meade, President and CEO of the Company of the Company, purchased 335,000 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, Dr. Meade 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.
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES
Contact
Copper North Mining Corp.
Dr. Harlan Meade, President and Chief Executive Officer
604.398.3451
info@coppernorthmining.com
www.coppernorthmining.com