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Copper Reef Completes Fully Subscribed $1,500,000 Private Placement
FLIN FLON, Manitoba, Jan. 30, 2020 (GLOBE NEWSWIRE) -- Copper Reef Mining Corporation (“Copper Reef” or the “Company") is pleased to announce that it has closed
About this update from Evolve Royalties Ltd.
[{"type":"text","content":" FLIN FLON, Manitoba, Jan. 30, 2020 (GLOBE NEWSWIRE) -- Copper Reef Mining Corporation (“Copper Reef” or the “Company\") is pleased to announce that it has closed its previously announced fully subscribed non-brokered private placement financing (the “Offering”, see news release dated January 6, 2020) to raise gross proceeds of $1,500,000 from the sale of 2,083,334 common shares of the Company issued as \"flow-through shares\" within the meaning of the Income Tax Act (Canada) (\"Flow-Through Shares\") at a price of $0.48 per Flow-Through Share, and 1,666,667 common shares of the Company (\"Common Shares\" and together with the Flow-Through Shares, collectively, \"Shares\") at a price of $0.30 per Common Share. The Company has issued an aggregate of 3,750,001 Shares with a hold period to May 31, 2020. Insiders of the Company, Northfield Capital Corporation together with its joint actor, Mr. Robert Cudney, have, directly or indirectly, subscribed for and acquired direction or control over a total of 2,117,002 Common Shares under the Offering, increasing their combination of direct or indirect beneficial ownership of, and control or direction over issued and outstanding Common Shares of the Company to approximately 20.6%, or approximately 25.53% calculated on a partially diluted basis assuming the exercise of their warrants only. Pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), the private placement of Shares to insiders constitutes a “related party transaction”. The transaction is exempt from the formal valuation and minority shareholder approval requirements in Sections 5.4 and 5.6 of MI 61-101, respectively, pursuant to the exemptions in Subsection 5.5(a) and Paragraph 5.7(1)(a) of MI 61-101, respectively, as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves interested parties, exceeds 25% of the Company’s market capitalization (as determined under MI 61-101). The transaction is also exempt from the formal valuation requirement in Subsection 5.4 of MI 61-101 pursuant to the exemption in Subsection 5.5(b) of MI 61-101, as the Company is not listed on any of the markets specified therein. This release and a material change report are being filed less than 21 da...