Copper North Mining Corp. (TSXV:COL) announced the completion of the non-brokered unit private placement announced on November 19, 2015 and the shares for debt transaction announced on December 21, 2015.
On December 29, 2015, the Company issued 3,334,000 units (the “Units”) at a price of $0.045 per Unit for aggregate gross proceeds of $150,030. Each Unit consists of one common share of the Company (a “Share”) and one non-transferable warrant (a “Warrant”). Each Warrant entitles the holder to purchase one additional Share at a price of $0.05 until December 29, 2020.
All Shares, including any Shares issued upon exercise of Warrants are subject to a hold period and as such may not be traded until April 30, 2016.
The Company intends to use the proceeds from the Private Placement toward completion of an updated Preliminary Economic Assessment on the Carmacks Project, and working capital and general corporate purposes.
On December 29, 2015, Copper North issued 5,660,000 common shares at a price of $0.05 per common share to satisfy indebtedness of $283,000 with two arms’ length creditors. All shares issued in relation to the shares for debt transaction are subject to a hold period and as such may not be traded until April 30, 2016.
On December 30, 2015, the Company granted 4 million stock options to 13 employees, officers, directors, and consultants. The stock options have an exercise price of $0.05 per share and vest over a two year period: one-third vesting on the date of grant, one-third on the first anniversary date and one-third on the second anniversary date. The stock options expire on December 30, 2020 and are subject to the terms of the Company’s stock option plan.
The post Copper North Completes Transactions and Grants Stock Options appeared first on Investing News Network.