VANCOUVER, BC--(Marketwired - July 22, 2016) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES
Copper North Mining Corp. ("Copper North" or the "Company") (TSX VENTURE: COL) announces the completion of the non-brokered private placements, most recently announced on June 30, 2016 (the "Private Placements") and the appointment of Rebecca Moriarty, CPA, CA as Chief Financial Officer.
On July 21, 2016, the Company issued 1.73 million units (the "Units") at a price of $0.15 per Unit for aggregate gross proceeds of $259,500. Each Unit consists of one common share of the Company (a "Share") and one non-transferable warrant (a "Warrant"). Each Warrant entitles the holder to purchase one additional common share of the Company (a "Share") at a price of $0.25 until July 21, 2018.
The same day, Copper North also issued 325,882 flow-through shares (the "FT Shares") at a price of $0.17 per FT Share for aggregate gross proceeds of $55,400.
All Shares, including FT Shares, and any Shares issued upon exercise of Warrants are subject to a hold period and as such may not be traded until November 22, 2016.
Including the first portion completed on June 30, 2016, the Company has issued a total of 3,456,666 Units and 1,305,882 FT Shares for aggregate gross proceeds of $740,500 as part of the Private Placements.
The Company intends to use the proceeds from the sale of FT Shares for exploration at the Thor property and plans to use the proceeds from the sale of Units toward completion of an updated Preliminary Economic Assessment on the Carmacks Project, as well as working capital and general corporate purposes.
The Company is pleased to announce the appointment of Rebecca Moriarty, CPA, CA as Chief Financial Officer, effective today. Mrs. Moriarty is a Chartered Professional Accountant with over 16 years of experience related to the mining industry. She previously spent 11 years at PricewaterhouseCoopers LLP working with public resource companies. She earned her Bachelor's degree in Geology from Queens University in Kingston, Ontario and later returned to obtain her accounting credentials.
Copper North also announces the resignation of Julien François as Chief Financial Officer effective today. The Company thanks Mr. François for his service as Chief Financial Officer since Copper North's inception in 2011, and wishes him success in his future endeavours.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable securities laws or an exemption from such registration is available.
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.
This news release includes certain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, among others, statements with respect to the completion of the proposed Private Placements; use of proceeds from the Private Placements; and proposed exploration and development activities and their timing. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, the timeliness and success of regulatory approvals, the timing and success of future exploration and development activities, exploration and development risks, market prices, exploitation and exploration results, availability of capital and financing, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment, unanticipated environmental impacts on operations and other exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that the proposed exploration and development of the mineral projects will proceed as planned, market fundamentals will result in sustained metals and mineral prices, and any additional financing needed will be available on reasonable terms. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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.