VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 5, 2011) - CARIBOU COPPER RESOURCES LTD. (the "Company") (TSX VENTURE:CKR) is pleased to announce that further to its news release dated May 26, 2011, it has completed the first tranche of its non-brokered private placement of 1,490,000 units at a price of $0.20 per unit for gross proceeds of $298,000 (the "NFT Offering").
Each unit consists of one common share and one non-transferable common share purchase warrant of the Company. Each warrant will entitle the holder to acquire one common share of the Company at a price of $0.30 per common share until July 4, 2013.
The Company issued to finders under the NFT Offering a total of 142,800 common share purchase warrants to purchase up to 142,800 common shares at a price of $0.30 per common share for a period of two years. In addition, the Company paid cash commissions to finders totalling $20,240.
The common shares and warrants issued pursuant to the NFT Offering and any common shares issued on exercise of the warrants are subject to a four-month resale restriction that expires on November 5, 2011.
The proceeds raised from the NFT Offering will be used for the purposes of general working capital and potential property acquisitions.
Caribou is also pleased to announce that further to its news release dated May 26, 2011, it has completed the first tranche of its non-brokered private placement of 1,100,000 flow-through units at a price of $0.25 per unit for gross proceeds of $275,000 (the "FT Offering").
Each unit consists of one flow-through common share and one-half of one non-flow-through common share purchase warrant of the Company. Each whole warrant will entitle the holder to acquire one common share of the Company at a price of $0.30 per common share until July 4, 2013.
The Company issued to a finder under the FT Offering a total of 81,600 common share purchase warrants to purchase up to 81,600 common shares at a price of $0.30 per common share for a period of two years. In addition, the Company paid a cash commission to the finder in the amount of $20,400.
The common shares and warrants issued pursuant to the FT Offering and any common shares issued on exercise of the warrants are subject to a four-month resale restriction that expires on November 5, 2011.
The proceeds raised from the FT Offering will be used for work programs in the Yukon.
ON BEHALF OF THE BOARD
Michael England, Director
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.
Contact Information:
Michael England
Director
1-604-683-3995 or Toll Free: 1-888-945-4770
604-683-3988 (FAX)
www.cariboucopper.com