VANCOUVER, Dec. 20, 2012 /CNW/ - 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 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.
SOURCE Copper North Mining Corp.