VANCOUVER, Dec. 20, 2012 /CNW/ - 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
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
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
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 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.
SOURCE: Copper North Mining Corp.
For further information:
Peter Oates, Manager, Investor Relations
Renmark Financial Communications