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Copper Reef Announces Non-Brokered Private Placement for Up to $1.5 Million and Planned Name Change to Voyageur Mining Corp.
TORONTO, June 11, 2020 (GLOBE NEWSWIRE) -- Copper Reef Mining Corporation ("Copper Reef" or the "Company") (CSE: CZC) is pleased to announce a non-brokered priv
About this update from Evolve Royalties Ltd.
[{"type":"text","content":" TORONTO, June 11, 2020 (GLOBE NEWSWIRE) -- Copper Reef Mining Corporation (\"Copper Reef\" or the \"Company\") (CSE: CZC) is pleased to announce a non-brokered private placement of up to 5,000,000 units of the Company (the \"Units\") at a price of $0.30 per Unit for aggregate gross proceeds of up to $1,500,000 (the \"Offering\"). Each Unit will consist of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrants, a “Warrant”). Each Warrant will entitle the holder thereof to purchase one common share of the Company at $0.40 per common share for a period of 18 months following the closing date of the Offering. In addition, Copper Reef announces that it plans to seek approval at its next annual meeting of shareholders to change its name to “Voyageur Mining Corp.”. “The name change to Voyageur Mining Corp. is a step in the Company's transition to broaden the focus to base metal and precious metal prospects, rather than solely copper. We believe that updating the resource models for the Company’s properties will enhance our continued work to unlock the discovery potential of these projects for the benefit of our shareholders,” said Brian Howlett, President and Chief Executive Officer. It is expected that the gross proceeds from the Offering will be primarily used for exploration activities at the Company’s properties in Northwest Manitoba and Northeast Saskatchewan, and general corporate purposes. The Company may pay finders' fees under the Offering in accordance with applicable Canadian securities laws and the policies of the Canadian Securities Exchange. Any securities to be issued under the Offering will be subject to a hold period of four months and a day from the closing date of the Offering in accordance with applicable Canadian securities laws and such other further restrictions as may apply under foreign securities laws. It is anticipated that insiders of the Company may participate in the Offering. By virtue of their participation, the Offering would constitute a \"related party transaction\" under applicable securities laws. The Company expects to release a material change report including details with respect to the related party transaction less than 21 days prior to the closing of the Offering, which the Company deems reasonable in the circumstance...