Western Star Resources Inc. press release
Copper Reef Mining Corporation Announces amendments to Press Release
CSE - Canadian National Stock Exchange · Lead · Silver · Zinc · Gold · Copper · Tungsten · Cobalt · Canada
Oct. 19, 2010 (TheNewswire.ca) --
October 19, 2010.
Copper Reef Mining Corporation (CNSX: CZC)(the "Issuer") wishes to clarify the terms of the closing of the first tranche of a non-brokered private placement on October 15, 2010, subject to the approval of the CNSX, and announced by press release dated October 18th, 2010. The Issuer raised gross subscription proceeds in an amount equal to $353,000.00. This non-brokered private placement was comprised of 2,945,000 Class "A" Units and 20,000 Class "B" Units. The common shares issued have a hold period to February 16, 2011.
Each Class "A" Unit was placed at a purchase price of $0.10 per Class "A" Unit, and a purchase price of $0.12 per Class "B" Unit. Each Class "A" Unit consists of and separates immediately on closing into one Common Share of the issuer (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Class "B" Unit consists of and separates immediately on closing into one 1 Common Share issued as a "flow-through" share pursuant to The Income Tax Act (Canada) and one Warrant (a "Warrant"). Each Common Share subscribed for is subject to a four month plus one day hold period, expiring on February 16, 2011. 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 relies upon the provisions of National Instrument 45-106, sections 2.3, 2.5 and 2.6, as applicable.
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 hole diamond drill program, which includes 4 deep holes (400-500 metres), is designed 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.
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