VANCOUVER, Nov. 16, 2011 /CNW/ - Copper North Mining Corp. ("Copper
North" or the "Company") (TSXV: COL) is pleased to announce that it has
closed its non-brokered private placement of 800,000 units of the
Company at the price of $0.25 per unit to Sally Eyre, the President and
Chief Executive Officer and a director of the Company. Each unit
consists of one common share and one non-transferrable warrant, with
each warrant entitling the holder to purchase one additional common
share of the Company at a price of $0.28 until November 16, 2013.
The shares, warrants and shares issuable on exercise of the warrants are
subject to a hold period expiring on March 17, 2012.
Copper North intends to use the proceeds from the sale of the units for
general working capital.
The participation in the private placement by Dr. Eyre is considered a
"related party transaction" as defined under Multilateral Instrument
61-101 ("MI 61-101"). The transaction is exempt from the formal
valuation and minority shareholder approval requirements of MI 61-101,
as neither the fair market value of any shares issued to, nor the
consideration paid by, Dr. Eyre exceeded 25% of the Company's market
The Company did not file a material change report more than 21 days
before the expected closing of the private placement as the details of
the private placement were not settled until shortly before the
announcement of the private placement and the Company wished to close
the private placement on an expedited basis for sound business reasons.
About Copper North
Copper North is a Canadian mineral exploration and development company.
Copper North's mineral resource assets include the Carmacks Copper
Project located in the Yukon, and the high-grade, stratiform-copper
Redstone Deposit, located in the Northwest Territories. Copper North
trades on the TSX Venture Exchange under the symbol COL. Please visit www.coppernorthmining.com.
On behalf of the Board of Directors:
Dr. Sally Eyre
President, CEO and Director
This news release includes certain "forward-looking statements",
including the Company's intended use of the proceeds from the private
placement. There can be no assurance that such statements will prove
to be accurate and actual results and future events could differ
materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from the
Company's expectations include market prices, exploitation and
exploration results, availability of capital and financing, general
economic, market or business conditions, uninsured risks, regulatory
changes, defects in title, availability of personnel, materials and
equipment, timeliness of government approvals, unanticipated
environmental impacts on operations and other exploration risks
detailed herein and from time to time in the filings made by the
Company with securities regulators. The Company expressly disclaims
any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise except as otherwise required by applicable securities
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.
SOURCE Copper North Mining Corp.
For further information:
Sally Eyre, President & CEO
Peter Oates, Manager, Investor Relations