VANCOUVER, British Columbia,
November 28, 2012 /PRNewswire/ --
NOT FOR
DISSEMINATION IN THE UNITED STATES
OR THROUGH U.S. NEWSWIRES
Copper North Mining Corp. ("Copper North" or the "Company")
(TSX.V: COL) is pleased to announce a non-brokered private
placement (the "Private Placement") of up to 7,000,000 units of the
Company (the "Units") at a price of $0.15 per Unit for aggregate gross proceeds of up
to $1,050,000.
Each Unit will consist of one common share in the capital of the
Company ("Share") and one-half of a non-transferable common share
purchase warrant (each whole such warrant, a "Warrant"). Each
Warrant will entitle the holder to purchase one additional Share at
a price of $0.20 for a period of 24
months from closing. 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.
The proceeds from the Private Placement will be used for
permitting activities relating to the Company's wholly-owned
Carmacks Copper Project and for working capital and general
corporate purposes.
Certain directors and officers of the Company may acquire
securities under the Private Placement. Any such
participation would be considered to be 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 or
the consideration paid by such persons will exceed 25% of the
Company's market capitalization.
The Private Placement is subject to TSX Venture Exchange
approval and all securities will be subject to a four month hold
period. The Company anticipates closing of the Private Placement as
soon as practicable subject to receipt of all necessary regulatory
approvals.
This news release does not constitute
an offer to sell or a solicitation of an offer to sell any of the
securities in the United States.
The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be
offered or sold within the United
States unless registered under the U.S. Securities Act and
applicable securities laws or an exemption from such registration
is available.
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"
This news release includes certain forward-looking
information or forward-looking statements for the purposes of
applicable securities laws. These statements include,
among others, statements with respect to the completion of the
proposed Private Placement, the price of securities issued pursuant
to the Private Placement, use of proceeds from the Private
Placement, proposed exploration, development, and permitting
activities and their timing, potential mineralization and the
announcement of results. These statements address
future events and conditions and, as such, involve known and
unknown risks, uncertainties and other factors, which may cause the
actual results, performance or achievements to differ materially
from those anticipated in such statements. Important factors that
could cause actual results to differ materially from the Company's
expectations include, among others, the timeliness and success of
regulatory approvals, the timing and success of future exploration
and development activities, exploration and development risks,
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, 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. In making the
forward-looking statements, the Company has applied several
material assumptions including, but not limited to, the assumptions
that the Private Placement will receive regulatory approval and
will proceed as planned, the proposed exploration, development, and
permitting of the mineral projects will proceed as planned, market
fundamentals will result in sustained metals and mineral prices,
and any additional financing needed will be available on reasonable
terms. 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 legislation.
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:
Dr. Sally L. Eyre
President, CEO and Director
Peter Oates, Manager, Investor
Relations
Tel: +1-604-638-2505
Email: info@coppernorthmining.com
Web: http://www.coppernorthmining.com