Copper Mountain closes Cdn $30 million bought deal financing
/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/
Web Site: www.CuMtn.com
VANCOUVER, Dec. 3, 2013 /CNW/ - Copper Mountain Mining Corporation (TSX: CUM) (the "Company" or "Copper Mountain") announces that it has closed its Cdn $30 million bought deal financing (the "Offering") announced on November 11, 2013. The syndicate of underwriters was led by National Bank Financial Inc. and includes Canaccord Genuity Corp., Scotia Capital Inc., CIBC World Markets Inc. and Raymond James Ltd. (collectively the "Underwriters"). The Offering consisted of the issue of 17,700,000 common shares at a price of Cdn $1.70 per share, resulting in Cdn $30,090,000 in gross proceeds to the Company.
Copper Mountain plans to use the net proceeds of this financing for the construction of a secondary crusher to increase production at the Copper Mountain Mine site and for general corporate purposes.
The Underwriters also have the option to increase the size of the Offering by up to an additional 2,655,000 Shares (the "Underwriters' Option") at any time until January 2, 2014, for an additional gross proceeds of Cdn $4,513,500 if the Underwriters' Option is exercised in full.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons (as defined in Regulation S under the 1933 Act) absent such registration or an applicable exemption from such registration requirements.
Mr. O'Rourke, Chief Executive Officer of the Company stated: "I am extremely pleased with the market support to strengthen our financial position to ensure our ability to maximize future production. With this financing complete, the Company is well positioned to build the new secondary crusher in an expeditious fashion and enable the mine to reach its designed capacity on a consistent basis by late next summer."
The Company also reports that the mine was able to repair the failed transformer as planned and had the second ball mill back in operation on Saturday, November 30, 2013.
About Copper Mountain Mining Corporation:
Copper Mountain's flagship asset is the 75% owned Copper Mountain mine located in southern British Columbia near the town of Princeton. The Company has a strategic alliance with Mitsubishi Materials Corporation who owns the remaining 25%. The Copper Mountain mine commenced production in the latter half of 2011, and has continued to improve its operations during the year. The 18,000 acre site has a resource of approximately 5 billion pounds of copper and remains open laterally and at depth. The mine has significant exploration potential that will need to be explored over the next few years to fully appreciate the properties full development potential. Additional information is available on the Company's new web page at www.CuMtn.com.
On behalf of the Board of
COPPER MOUNTAIN MINING CORPORATION
Jim O'Rourke, P. Eng
Chief Executive Officer
Note: This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents, filed by the Company on SEDAR at www.sedar.com, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company undertakes no obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statement.
SOURCE Copper Mountain Mining CorporationFor further information: