/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
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
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
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
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 Corporation
For further information:
Galina Meleger, Corporate Communications 604-682-2992 ext. 224 Email: Galina.meleger@CuMtn.com or
Rod Shier, Chief Financial Officer 604-682-2992 ext. 222 Email: Rod@CuMtn.com