Tiger Gold Corp press release
Copper Reef Mining Corporation Announces Intended Closing of non brokered Private Placement
TSXV - TSX Venture Exchange · Canada
Dec. 3, 2010 (TheNewswire.ca) --
December 2, 2010…..Copper Reef Mining Corporation (CNSX: CZC)(the "Issuer") wishes to announces that it will be closing the final tranche of a non-brokered private placement on December 3, 2010, subject to the approval of the CNSX. The Issuer intends to raise gross subscription proceeds in an amount equal to a maximum of $500,000. The non-brokered private placement was announced on September 23, 2010 at an amount of $0.10 cents for non flow through and $0.12 for flow through.
The Company may issue a total of 5,000,000 common shares comprised of such number of Class "A" Units and Class "B" Units as the Issuer may determine. Each Class "A" Unit shall consist of and separate immediately on closing into one Common Share (a "Common Share") of the issuer and one Common Share purchase warrant (a "Warrant"). Each Class "B" Unit shall consist of and separate immediately on closing into one 1 Common Share of the Issuer, issued as a "flow-through" share pursuant to The Income Tax Act (Canada) and one Warrant. Each Warrant entitles the holder to purchase one Common Share of the Issuer for an exercise price of $0.20 per common share for a period of twelve months from its date of issue. The Issuer will rely upon the provisions of National Instrument 45-106, sections 2.3 and 2.5.
The Company intends to utilize the flow through proceeds from this non-brokered private placement together with flow through it has in its treasury to fund 20,000 feet of drilling on its Hanson Lake Property. A 10 diamond drill program, which includes 4 deep holes (400-500 metres), is to follow up significant copper mineralization intersected in two holes drilled into a 1100 m long East dipping VTEM airborne anomaly which encountered significant copper stringer mineralization. (see news release in Stockwatch of Aug. 4, 2010). The copper stringer mineralization is very similar to the first 3 holes drilled into the large McIlvenna Zn-Cu-Ag deposit located two km on strike to the south southeast.
ABOUT COPPER REEF MINING CORPORATION (CNQ:CZC)
The Corporation is a Canadian junior mineral exploration company with a specific focus on mineral properties in Northwest Manitoba and Northeast Saskatchewan, Canada. All of the Company's properties are currently at the exploration stage. The Company 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
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.
Copyright (c) 2010 Thenewswire.ca - All rights reserved.