Copper North Announces Increase to Previous Non-Brokered Private Placement

Copper North Mining Corp.(“Copper North” or the “Company”) (TSXV:COL)  has increased the size of its previously announced non-brokered private placement from $2,513,170 to $3,165,070. Under the increased offering the company may issue up to an additional 10,865,000 common shares at a price of 6 cents per share to raise gross proceeds of up to an additional $651,900.
The net proceeds of the offering will be used for general working capital purposes. Closing of a fifth tranche of the offering is anticipated to occur on or about Oct. 18, 2017 and is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange. All securities will be subject to a four-month hold.
Further to the company’s news releases dated Aug. 1, and Aug. 10, 2017, regarding completion of the first and second tranches of the offering, the company is clarifying that the sum of $1-million out of the proceeds raised in those tranches was being held by the company in escrow pending receipt of requisite approvals, including clearance from the TSX-V in respect of a personal information form filed by one of the purchasers. Somphote Ahunai, a resident of Thailand with an address at 315, Chamjuree Residence, Phayathai, Phatumwan District, Bangkok, 10330 Thailand. Shareholder approval of the purchaser’s participation in the offering may also be required. The personal information form was filed on Aug. 15, 2017, and the company received confirmation of clearance on Friday, Sept. 22, 2017. As a result, 13,666,667 common shares have now been distributed to the purchaser and the sum of $820,000 was released from escrow to the company.
The 13,666,667 common shares acquired by the purchaser represent 19.8 per cent of the company’s 69,025,974 issued and outstanding common shares on a non-diluted basis. The purchaser does not hold any other securities of the company at this time.
The purchaser acquired the securities for investment purposes and intends to evaluate his investment in the company and to increase or decrease his beneficial shareholdings from time to time as he may determine appropriate for investment purposes.
A copy of the early warning report being filed by the purchaser may be obtained by contacting Harlan Meade, the chief executive officer of the company.
About Copper North Mining Corp.
Copper North is a Canadian mineral exploration and development company. Its assets include the Carmacks project located in Yukon, the Redstone property located in the Northwest Territories, and the Thor property in British Columbia. Copper North trades on the TSX Venture Exchange.
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Source: www.coppernorthmining.com