Copper Reef Mining Corporation Announces Private Placementadmin
October 3, 2013 – Copper Reef Mining Corporation (CNSX: CZC) (the "Issuer") is pleased to announce a non-brokered private placement financing of Flow Through Shares and Class A Units (as defined herein) at a price of $0.05 per Class A Unit and $0.05 per Flow Through Share, for aggregate gross proceeds of up to $500,000 (the "Offering"). The Issuer will determine the number of Class A Units and Flow Through Shares comprising this Offering.
The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals. All securities to be issued under the Offering will be subject to a four-month statutory hold period in Canada.
The Class A Units shall consist of, and separate immediately upon closing, into one common share of the Issuer (a "Common Share") and one whole Warrant. The Flow Through Shares shall be one Common Share of the Issuer, each to be issued as a "flow-through share" (the "Flow Through Shares") within the meaning of the Income Tax Act (Canada). Each whole Warrant shall entitle the holder to purchase one Common Share for a purchase price of $0.10) per Common Share for a period of twenty four months following the date of issuance.
The Issuer intends to utilize the proceeds from the Flow Through portion of this private placement for exploration mainly on its Manitoba properties, specifically the Albert’s Lake Property where the drilling of three untested VTEM targets are planned for this winter. In addition, a small drill program on the Gold Rock Property is planned for next summer along with prospecting on strike with the deposit. The proceeds from the sale of the Class A Units will be used for corporate purposes.
ABOUT COPPER REEF MINING CORPORATION
Copper Reef is a Canadian junior mineral exploration company with a specific focus on mineral properties in Northwest Manitoba and Northeast Saskatchewan, Canada. All of the Issuer’s properties are currently at the exploration stage. The Issuer has no long-term debt and has assembled a portfolio of base metal and precious metal prospects, including strategic locations in the Provinces of Manitoba and Saskatchewan.
Copper Reef Mining Corporation
Stephen L. Masson M.Sc. P.Geo.
President & CEO
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Issuer’s future plans, objectives or goals, including words to the effect that the Issuer or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.
Posted: October 3rd, 2013 under ACCESSWIRE.