Copper North Arranges $500,000 Private Placement

Copper North Mining Corp. (TSXV:COL) announced plans to raise up to $500,000 in flow-through funds by way of a non-brokered private placement and has completed the first portion of the private placement announced on Nov. 19, 2015.
As quoted in the press release:

The flow-through placement will consist of the sale of up to 10 million flow-through units at five cents per FT unit. Each FT unit will consist of one flow-through share of the company and one-half of one non-transferable warrant. Each FT warrant will entitle the holder to purchase one share at a price of 7.5 cents for a period of 24 months from closing.
The company intends to use the proceeds from the flow-through placement for exploration at the Carmacks project and the Thor property.
On Dec. 8, 2015, the company issued 5.55 million units at a price of 4.5 cents per unit for total gross proceeds of $249,750. Each unit consists of one common share of the company and one non-transferable warrant. Each warrant entitles the holder to purchase one additional share at a price of five cents until Dec. 8, 2020.
All shares, including any shares issued upon exercise of warrants, are subject to a hold period and as such may not be traded until April 9, 2016.
The company intends to use the proceeds from the private placement toward completion of an updated preliminary economic assessment on the Carmacks project, and working capital and general corporate purposes.

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