Jan 18, 2018
Copper Reef To Raise $650,000 through Private Placement
Copper Reef Mining Corporation (CSE: CZC) (the "Issuer") wishes to announce its plans to raise $650,000 through a non-brokered private placement. The first tranche of this raise will be comprised of 10,000,000 Flow Through Units at a price of $0.05 per Flow-Through Unit representing proceeds of $500,000 and 6,000,000 Class "A" Units at a price of $0.025 per Unit, representing proceeds of $150,000 for an aggregate total raised of $650,000. The Issuer will endeavor to raise an additional $50,000 by issuing a further 2,000,000 Class "A" Units.
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 (1) Warrant, each entitling the holder to purchase one Common Share at a purchase price of $0.05 cents per Warrant 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.
The Issuer intends to utilize the proceeds from the private placement primarily to fund exploration on the North Star - Gold Rock property in the Snow Lake Area of Manitoba, and in the main Flin Flon Camp: the Alberts Lake Gold Property; the drilling of Aimee Lake base metal target for which drill permits we have received; and possibly drilling the Tarry Copper Zone area where an undrilled airborne Electromagnetic anomaly (Spectrem) is located south of Baker's Narrows if it is verified by ground geophysics. A lesser portion of the proceeds will be utilized for completing a new resource for both the North Star and Gold Rock vein systems and for corporate purposes.
The Company has also granted 1,000,000 incentive stock options at $0.05 with a 5 year term to a director of the Company.
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.
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. The CSE has granted CZC permission to issue hard dollar shares under 5 cents with a Warrant. 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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