07:39:18 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Crown Mining Corp
Symbol CWM
Shares Issued 31,583,627
Close 2017-11-20 C$ 0.15
Market Cap C$ 4,737,544
Recent Sedar Documents

Crown Mining completes $200,000 private placement

2017-11-20 16:22 ET - News Release

Mr. Stephen Dunn reports

CROWN MINING COMPLETES $200,000 PRIVATE PLACEMENT

Crown Mining Corp. has completed a non-brokered private placement previously announced on Nov. 1, 2017, for aggregate gross proceeds of $200,000. The private placement involved the issuance of two million units at a price of 10 cents per unit for gross proceeds of $200,000. Each unit consists of one common share in the capital stock the company and one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one common share at a price of 20 cents at any time up to the date that is two years following the date of closing of the private placement, subject to an acceleration clause. All securities issued pursuant to this private placement will be subject to a four-month hold period.

The indirect and direct participation in the private placement by insiders of the company constitutes a related party transaction as such term is defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. Insiders of the company acquired, directly and indirectly, a total of $10,000 worth of units, or 100,000 units, in the private placement on the same basis as other participants. The company is relying on the exemptions from the formal valuation and minority approval requirements under MI 61-101. The company is exempt from the formal valuation requirement of MI 61-101 based on Section 5.5(b) of MI 61-101 as no securities of the company are listed or quoted for trading on the Toronto Stock Exchange, the New York Stock Exchange, the American Stock Exchange, the Nasdaq Stock Market, or any other stock exchange outside of Canada and the United States other than the Alternative Investment Market of the London Stock Exchange or the Plus operated by Plus Markets Group PLC. Additionally, the company is exempt from obtaining minority shareholder approval in connection with the private placement by relying on Section 5.7(1)(b) of MI 61-101 as, in addition to the foregoing: (i) neither the fair market value of the units nor the consideration received in respect thereof from interested parties as defined by MI 61-101 would exceed $2.5-million; (ii) the company has one or more independent directors in respect of the private placement who are not employees of the company; and (iii) all of the independent directors have approved the private placement.

A material change report in connection with the private placements will be filed less than 21 days before the closing of the private placement. This shorter period is reasonable and necessary in the circumstances as the company wished to complete the private placement in a timely manner.

The company will use the proceeds of the private placement for exploration and development work at its Moonlight-Superior copper project and for general working capital purposes.

Crown is focused on advancing its 100-per-cent-controlled Moonlight-Superior copper project in northeast California, which includes four known copper deposits. The Moonlight deposit hosts a current National Instrument 43-101 indicated resource of approximately 161 million tons (146.5 million tonnes) averaging 0.324 per cent copper, 0.003 ounce of gold and 0.112 ounce of silver per ton for 1,044 million pounds of copper, and an inferred resource of 88 million tons (80 million tonnes) averaging 0.282 per cent copper per ton for 496 million pounds of copper. Further details of this resource can be found in the technical report on the Moonlight copper property dated April 12, 2007, on SEDAR. The Superior and Engels deposits have a current NI 43-101 inferred mineral resource of 57 million metric tonnes at an average copper grade of 0.43 per cent for 547 million pounds of copper. Further details of this resource can be found in the technical report on the Superior project dated Nov. 7, 2014, filed on SEDAR, which also discloses a historical resource estimate for the fourth deposit.

George Cole is the qualified person pursuant to NI 43-101 responsible for the technical information contained in this news release, and he has reviewed and approved this news release.

We seek Safe Harbor.

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