Copper Reef Mining Corporation Closes First Tranche of Flow Through Private Placementadmin
Copper Reef Mining Corporation (CNSX: CZC) (the "Issuer") is pleased to confirm that the previously announced (October 4, 2013) non-brokered private placement financing of Flow Through Shares at a price of $0.05 per Flow Through Share has closed effective December 31, 2013. A total 3,310,000 Flow Through Shares were subscribed for in the provinces of Manitoba, Saskatchewan and Ontario. The shares have been issued and have a hold period to May 1, 2014.
The Flow Through Shares consist of one Common Share of the Issuer, 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 Class A Units consist of one Common Share of the Issuer; 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 second tranche of Class A Units is expected to close by January 15, 2014.
The Offering remains subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals. All securities issued under the Offering are subject to a four-month statutory hold period in Canada.
The Issuer intends to utilize the proceeds of $165,500 from the Flow Through portion of this private placement for exploration mainly on two Manitoba properties and a lesser amount on a Saskatchewan Property 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: January 2nd, 2014 under ACCESSWIRE.