Mr. Stephen Masson reports
COPPER REEF CLOSES $365,000 ON SECOND TRANCHE OF PRIVATE PLACEMENT AND STRATEGIC INVESTMENT BY ROBERT CUDNEY
Copper Reef Mining Corp. has closed the second tranche of $365,000 of its previously announced, fully subscribed, non-brokered private placement financing (see news releases dated Sept. 16, 2019, Sept. 18, 2019, and Oct. 8, 2019) to raise up to a maximum of $700,000 through the sale of up to 35 million Class A units at a price of two cents per unit. Each unit shall consist of, and separate immediately upon closing into, one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at an exercise price of five cents per share for a period of 12 months from the date of issue of such warrant.
The second tranche comprises 18.25 million units, and the issuer has issued 18.25 million common shares with a hold period expiring on Feb. 19, 2020. Directors of the issuer participated in the second tranche for a total of $60,000 comprising three million units.
Upon the closing of the second tranche, Northfield Capital Corp., together with its joint actor, Robert Cudney, who participated in the second tranche, became an insider of the issuer by virtue of having a combination of beneficial ownership of, and control or direction over, directly or indirectly, 25,533,000 of the issuer's common shares and 15.25 million of the issuer's warrants, representing 13.1 per cent of the issued and outstanding common shares of the issuer, or approximately 19.5 per cent calculated on a partially diluted basis (assuming exercise of the 15.25 million warrants only).
The offering is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory approvals. All securities to be issued under the offering will be subject to a four-month statutory hold period in Canada.
The proceeds from the offering will be used to advance exploration drill targets in Manitoba and Saskatchewan, and for general working capital purposes.
About Copper Reef Mining Corp.
Copper Reef Mining is a Canadian junior mineral exploration company with a specific focus on mineral properties in northwestern Manitoba and northeastern Saskatchewan, Canada. The issuer has assembled a portfolio of base metal and precious metal prospects, including strategic locations in the provinces of Manitoba and Saskatchewan, and holds a number of royalties on properties within the belt.
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