COPPER MOUNTAIN CLOSES CDN $40 MILLION BOUGHT DEAL FINANCING
VANCOUVER, Feb. 8 /CNW/ --
/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES/
Web Site: www.CuMtn.com
TSX: CUM
VANCOUVER, Feb. 8 /CNW/ - Copper Mountain Mining Corporation (TSX: CUM) (the 'Company' or 'Copper Mountain') announces that it has closed its Cdn $40 million bought deal financing
announced on January 19, 2011. The syndicate of underwriters was led
by Wellington West Capital Markets Inc. and BMO Nesbitt Burns Inc. and
included Raymond James Ltd., Canaccord Genuity Corp. and Jennings
Capital Inc. (collectively the 'Underwriters'). The offering consisted
of the issue of 5,680,000 common shares, including an overallotment
option of 700,000 common shares which has been exercised in full by the
Underwriters, at a price of Cdn $7.05 per share, resulting in Cdn
$40,044,000 in gross proceeds to the Company.
Copper Mountain plans to use the net proceeds of this financing to
acquire interests and/or rights in other mining or mineral properties,
other accqusitions, general and administrative expenses, working
capital purposes and corporate development.
Mr. O'Rourke, Chief Executive Officer of the Company stated: 'I am extremely pleased that our existing and new institutional
shareholders have shown such strong confidence in the Copper Mountain
project and management of the Company. With this financing complete,
the Company is well positioned for future opportunities.'
This press release is not an offer to sell or the solicitation of an
offer to buy the securities, nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to qualification or registration under the
securities laws of such jurisdiction. The securities being offered have
not been, nor will they be, registered under the United States
Securities Act of 1933, as amended, and such securities may not be
offered or sold within the United States or to, or for the account or
benefit of, U.S. persons absent registration or an applicable exemption
from U.S. registration requirements.
About Copper Mountain Mining Corporation:
Copper Mountain is a Canadian resource company managed by an experienced
team of professionals with a solid track record of exploration and
development success. The Company's shares trade on the Toronto Stock
Exchange under the symbol 'CUM'. Copper Mountain owns 75% and
Mitsubishi Materials Corporation owns 25% of the Copper Mountain
Project. The 18,000 acre mine site is located 20 km south of the town
of Princeton in southern British Columbia. The Copper Mountain Project
has a current resource of approximately 5 billion pounds of copper, the
Copper Mountain Project is fully financed ($438M) and in construction
and on schedule for the mine to produce approximately 100 million
pounds of copper per year by mid 2011. Additional information is
available on the Company's web page at www.CuMtn.com.
On behalf of the Board of
COPPER MOUNTAIN MINING CORPORATION
'Rod Shier'
Rod Shier
Chief Financial Officer
Note: This release contains forward-looking statements that involve
risks and uncertainties. These statements may differ materially from
actual future events or results. Readers are referred to the
documents, filed by the Company on SEDAR at www.sedar.com, specifically the most recent reports which identify important risk
factors that could cause actual results to differ from those contained
in the forward-looking statements. The Company undertakes no
obligation to review or confirm analysts' expectations or estimates or
to release publicly any revisions to any forward-looking statement.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/February2011/08/c8802.html
Galina Meleger, Corporate Communications 604 682 2992 ext. 224 Email: Galina.meleger@CuMtn.com
or Website: www.CuMtn.com