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Copper North Mining Corp. (TSXV:COL) announced has completed portions of the non-brokered private placements announced on Sept. 10, 2015, and Oct. 9, 2015.
Copper North Mining Corp. (TSXV:COL) announced has completed portions of the non-brokered private placements announced on Sept. 10, 2015, and Oct. 9, 2015.
As quoted in the press release:
The company issued 3.1 million units (the “Units”) at a price of $0.05 per Unit for aggregate gross proceeds of $155,000. 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 Share at a price of $0.05 until November 4, 2020.
The Company paid finders’ fees of $1,200 and issued 24,000 warrants (the “Finder’s Warrants”) in connection with this portion of the Private Placements. Each Finders’ Warrant entitles the holder to purchase one Share at a price of $0.05 until November 4, 2017.
Copper North also issued 2.0 million flow-through units (the “FT Units”) at a price of $0.05 per FT Unit for aggregate gross proceeds of $100,000. Each FT 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 entitles the holder to purchase one additional Share at a price of $0.05 until November 4, 2017.
In connection with this portion of the Private Placements, the Company paid finders’ fees of $5,200, issued 40,000 finders’ shares and issued 104,000 warrants (the “Finders’ Warrants”). Each Finders’ Warrant entitles the holder to purchase one Share at a price of $0.05 until November 4, 2017.
All Shares, including finders’ shares and any Shares issued upon exercise of Warrants or Finders’ Warrants are subject to a hold period and as such may not be traded until March 5, 2016.
The Company intends to use the proceeds from the non-flow through portion of the Private Placements for working capital and general corporate purposes. It intends to use the proceeds from the flow-through portion for exploration at the Carmacks Project.
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