Commodore Metals Corp. press release
Copper Reef Announces Closing of Tranche 1 of Private Placement
CSE - Canadian National Stock Exchange · Gold · Arsenic · Copper · Nickel · Cobalt · Platinum · Palladium · Canada
(via Thenewswire.ca)
Copper Reef Mining Corporation (CNSX: CZC) ("Copper Reef", the "Company") wishes to announce that it has closed Tranche 1 of the brokered private placement announced on October 27, 2011 and December 8, 2011 with the amended price. Industrial Alliance Securities Inc. and Secutor Capital Management Corporation (together, the "Agents") acted as Agents for this offering (the "Offering").
Copper Reef received gross subscription proceeds in an amount equal to $499,999.90 as consideration for the subscriptions of 4,166,666 Flow Through Share at a purchase price of $0.12 per Flow Through Share (as described within the meaning of the Income Tax Act). The shares issued have a hold period to April 10, 2011.
As compensation for the services provided by the Agents, Copper Reef paid a cash commission of 7% of the gross proceeds of the Offering raised by the Agents on the Closing Date. As additional consideration, the Issuer issued compensation options (individually a "Compensation Option") in an amount equal to 7% of the aggregate number of Flow Through shares. Each Compensation Option entitles the holder to purchase one Common Share for an exercise price of $0.12 for a period of 18 months from the date of issuance.
The Issuer intends to utilize the proceeds primarily on its: Albert's Lake Gold zone, Kississing Gold Discovery, Jewel Box Gold Property, as well as the Smelter Claims which lie approximately 200 metres north of the Callinan orebody, as well as other new base metal targets.
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
"signed"
Stephen L. Masson M.Sc. P.Geo.
President & CEO
We seek Safe Harbor.
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 Company's future plans, objectives or goals, including words to the effect that the Company 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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