VANCOUVER, December 20, 2012 /PRNewswire/ --
Copper North Mining Corp. ("Copper North" or the "Company")
(TSX.V: COL) announces that it has closed a non-brokered private
placement, which included certain insiders of the Company, of
5,169,000 units of the Company (the "Units") at a price of
$0.15 per Unit for aggregate gross
proceeds of $775,350 (the "Private
Placement").
Each Unit consists of one common share in the capital of the
Company (a "Share") and one-half of a non-transferable common share
purchase warrant (each whole such warrant, a "Warrant"). Each
Warrant entitles the holder to purchase one additional Share at a
price of $0.20. The Warrants expire
on December 20, 2014.
Should the volume-weighted average trading price of the Shares
equal or exceed $0.30 over a period
of 20 consecutive trading days, the Company may accelerate the
expiry date of the Warrants to the day which is 30 days after the
notice of acceleration has been sent to the holders of the
Warrants.
In connection with the closing of the Private Placement, the
Company has agreed to pay Crimson Capital of Zurich, Switzerland a 5% finder's fee of
$3,225 for their efforts in sourcing
certain participants for the Private Placement.
The Private Placement is subject to final acceptance by the TSX
Venture Exchange. All securities issued and issuable as part of the
Private Placement are subject to a hold period of four (4) months
and one day and as such may not be traded until April 21, 2013.
About Copper North
Copper North is a Canadian mineral exploration and development
company. Copper North's assets include the Carmacks Copper Project
located in the Yukon, and the
high-grade, stratiform-copper Redstone Property, located in the
Northwest Territories. Copper
North trades on the TSX Venture Exchange under the symbol COL.
Please visit http://www.coppernorthmining.com.
On behalf of the Board of Directors:
"Sally L.
Eyre"
Dr. Sally L. Eyre
President, CEO and Director
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.
For further information:
Peter Oates, Manager, Investor
Relations
Tel: +1-604-638-2505
Email: info@coppernorthmining.com
Web: http://www.coppernorthmining.com
Renmark Financial Communications
Tel: +1-514-939-3989
Email: info@renmarkfinancial.com
Web: http://www.renmarkfinancial.com
(COL.)
