Copper Reef Mining Corporation (CSE: CZC) (the "Issuer") wishes to announce an amendment to its plans to raise $500,000 through a non-brokered private placement financing of common and flow-through shares, up to an aggregate Maximum Offering Amount of $500,000. This offering would be for Flow Through Units at a price of $0.05 per unit, each unit being comprised of one flow through share and one full warrant, exercisable at a price of $0.05 per warrant for 24 months. The Class "A" Units would be offered at a price of $0.02 per unit, with each unit comprised of one common share and one full warrant, also exercisable at a price of $0.05 per warrant but for 12 months. 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 common share purchase warrant (a "Warrant"), each entitling the holder to purchase one Common Share at a purchase price of $0.05 cents per Common Share for a period of twelve (12) months following the date of issuance. The Flow-Through Units shall consist of, and separate immediately upon closing into, one Common Share, to be issued as a "flow-through share" (the "Flow-Through Shares") within the meaning of the Income Tax Act (Canada), and one Warrant. Each Warrant attached to the Flow-Through Units shall entitle the holder to purchase one Common Share for a purchase price of $0.05 per Common Share for a period of twenty four (24) months following the date of issuance.
Use of Proceeds
Use of proceeds from this financing will be used to produce drill targets south and west the Alberts Lake Gold Deposit in the Main Flin Flon Camp and for evaluation of other gold properties. A portion of this financing raised through the sale of Class "A" Units will be used to pay down debt.
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 assembled a portfolio of base metal and precious metal prospects, including strategic locations in the Provinces of Manitoba and Saskatchewan and holds a number of royalties on properties within the belt.
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.
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