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VANCOUVER, April 26 /CNW/ - Copper Mountain Mining Corporation (TSX: CUM) (the "Company" or "Copper Mountain") announces that it has closed its Cdn $34.5 million bought deal financing announced on April 5, 2010. The syndicate of underwriters was co-led by Wellington West Capital Markets Inc. and BMO Nesbitt Burns Inc., and includes Raymond James Ltd., Canaccord Financial Ltd. and Jennings Capital Inc. (collectively the "Underwriters"). The offering consisted of the issue of 11,327,500 common shares, including an overallotment option of 1,477,500 common shares which has been exercised in full by the Underwriters, at a price of Cdn $3.05 per share, resulting in Cdn $34.5 million in gross proceeds to the Company.
Copper Mountain plans to use the net proceeds of this financing to fund its 75% share of any working capital required for the Copper Mountain Project in British Columbia and for general corporate purposes.
Mr. O'Rourke, Chief Executive Officer of the Company stated: "I am extremely pleased that our existing and new institutional shareholders have shown such strong confidence in the Copper Mountain project and management of the Company. With this financing complete, the Company is well positioned to meet our financial obligations in bringing the Copper Mountain mine to production by mid 2011."
This press release is not an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements.
About Copper Mountain Mining Corporation:
Copper Mountain is a Canadian resource company managed by an experienced team of professionals with a solid track record of exploration and development success. The Company's shares trade on the Toronto Stock Exchange under the symbol "CUM". Copper Mountain owns 75% and Mitsubishi Materials Corporation owns 25% of the Copper Mountain Project. The 18,000 acre mine site is located 15 km south of the town of Princeton in southern British Columbia. The Copper Mountain Project is a past producer of 1.7 billion pounds of Copper that closed in 1996, and therefore, there is significant developed infrastructure on site that the Company can build upon. The Copper Mountain Project has a current resource of approximately 5 billion pounds of copper and it is Copper Mountain's goal to develop the Copper Mountain Project as a mid tier copper and precious metal mine to produce approximately 100 million pounds of copper per year by mid 2011. Additional information is available on the Company's web page at www.CuMtn.com.
On behalf of the Board of
COPPER MOUNTAIN MINING CORPORATION
Chief Financial 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: For further information: Don Graham, Director, Investor Relations, (604) 682-2992 ext. 224, Email: don@CuMtn.com; or B&D Capital, (604) 685-6465; Website: www.CuMtn.com