Copper North Mining Closes Final Tranche of Financing

Resource Investing News

Copper North Mining Corp. (TSXV:COL) announced the completion of the second and final tranche of its non-brokered private placement for additional gross proceeds of $512,001 consisting of 8,533,350 flow-through shares at a price of $0.06 per flow-through share and a total of 1,881,300 Units at a price of $0.06 per Unit for additional gross proceeds of $112,878.

As quoted in the press release:

Including both tranches of the Private Placement, the Company has issued a total of 9,366,684 flow-through shares at a price of $0.06 per flow-through share for aggregate gross proceeds of $562,001 and a total of 9,666,300 units (the “Units”) for aggregate gross proceeds of $579,978.
Under the Second Tranche, the Company issued 8,533,350 flow-through shares at a price of $0.06 per flow-through share for additional gross proceeds of $512,001 and a total of 1,881,300 Units at a price of $0.06 per Unit for additional gross proceeds of $112,878.
Each Unit consists of one common share of the Company (a “Share”) and one half of one non-transferable warrant (each whole warrant, a “Warrant”). Each Warrant issued as part of the Second Tranche entitles the holder to purchase one additional Share at a price of $0.09 until June 25, 2017.
In connection with the closing of the Second Tranche, the Company paid finders’ fees to certain arm’s length parties consisting of: (a) a total of 500,001 common shares (“Finders’ Shares”) and (b) a cash commission totaling $30,000.
All Shares, flow-through shares, Finders’ Shares, and any Shares issued upon exercise of Warrants issued under the Second Tranche are subject to a four-month hold period and as such may not be traded until October 26, 2015.
The Company intends to use the proceeds from the flow-through portion of the Private Placement for exploration at the Carmacks Project and/or the Thor property. Copper North intends to use the proceeds from the Unit portion of the Private Placement to progress the Carmacks Project feasibility studies, and for working capital and general corporate purposes.

Click here to read the Copper North Mining Corp. (TSXV:COL) press release