VANCOUVER, Nov. 3, 2011 /CNW/ - Copper North Mining Corp. ("Copper
North" or the "Company") (TSX.V:COL) is pleased to announce a
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 will
consist of one common share and one warrant, with each warrant
entitling the holder to purchase one additional common share of the
Company at a price of $0.28 for a period of two years following the
date the warrants are issued.
The proceeds from the sale of the units will be used for general working
The participation in the private placement by Dr. Eyre will be
considered a "related party transaction" as defined under Multilateral
Instrument 61-101 ("MI 61-101"). The transaction will be 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 will exceed 25% of the Company's
This financing is subject to the approval of the TSX Venture Exchange.
The Company anticipates closing of the private placement as soon as
practicable subject to receipt of all necessary regulatory approvals.
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
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.
This news release includes certain "forward-looking statements",
including, without limitation, the completion of the private placement
and the timing of 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. In making the forward-looking statements in this release,
the Company has applied certain factors and assumptions that the
Company believes are reasonable, including that the Company will be
able to obtain required regulatory approvals. The forward-looking
statements in this release are subject to numerous risks, uncertainties
and other factors that could cause actual results to differ materially
from those express or implied in such forward-looking statements,
including that the Company is not able to obtain regulatory approvals
or obtain such approvals in a timely fashion. 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
SOURCE Copper North Mining Corp.
For further information:
Sally Eyre, President & CEO
Julie Kim, Manager Corporate Communications & Investor Relations