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Copper Reef Mining Completes $1.23 Million Non-Brokered Private Placement
TORONTO, July 20, 2020 (GLOBE NEWSWIRE) -- Copper Reef Mining Corporation (“Copper Reef” or the “Company”) (CSE: CZC) is pleased to announce that it has complet
About this update from Evolve Royalties Ltd.
[{"type":"text","content":" TORONTO, July 20, 2020 (GLOBE NEWSWIRE) -- Copper Reef Mining Corporation (“Copper Reef” or the “Company”) (CSE: CZC) is pleased to announce that it has completed a non-brokered private placement consisting of 4,083,401 units of the Company (the “Units”) at a price of $0.30 per Unit for aggregate gross proceeds of $1,225,020.30 (the “Offering”). Each Unit consists 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 entitles the holder thereof to purchase one common share of the Company at $0.40 per common share until January 20, 2022. Brian Howlett, President and Chief Executive Officer of the Company commented: “We are pleased with the level of interest in the Offering. The 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.” All of the securities sold pursuant to the Offering are subject to a hold period which will expire on November 21, 2020 in accordance with applicable Canadian securities laws. In addition, in connection with the Offering, the Company paid certain cash finder’s fees. Early Warning In connection with the Offering, Northfield Capital Corporation (“Northfield”), together with its joint actor, Mr. Robert Cudney, acquired ownership and control of 2,500,000 common shares and 1,250,000 Warrants. The Warrants provide Northfield with a right to acquire 1,250,000 additional common shares. Prior to the completion of the Offering, Northfield, together with its joint actor, Mr. Robert Cudney, owned and controlled an aggregate of 4,776,302 common shares of the Company (of which 4,369,702 common shares are owned by Northfield directly and 406,600 common shares are owned by its joint actor) and convertible securities entitling Northfield and its joint actor to acquire an additional 1,525,000 common shares of the Company (of which 1,375,000 convertible securities are owned by Northfield directly and 150,000 convertible securities are owned by its joint actor) representing approximately 20.6% of the issued and outstanding common shares of the Company as of July 17, 2020 (or approximately 25.5% calculated on a partially diluted basis, assuming the exercise of the 2,775,000 convertible...