VANCOUVER, December 20, 2012 /PRNewswire/ --
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 Placement").
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 the Warrants.
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 Private Placement.
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 http://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.
For further information:
Peter Oates, Manager, Investor Relations
Renmark Financial Communications
SOURCE Copper North Mining Corp.