Copper Creek Gold Hits New Year Low Of Four Cents, No Fresh News
Copper Creek Gold Corp (CPV.V) a Canadian-based mineral exploration company actively exploring in British Columbia, Canada and Mexico, is trading at a new year low of four cents. Its previous year low was 4.5 cents, which was its Friday closing price.
The company announced a non-brokered private placement initiative on December 9th, to raise gross proceeds of up to $1.4 million. The Private Placement will consist of two parts:
1. An aggregate of up to $600,000 through the issuance of up to 10,000,000 units (NFT Units) at a price of six cents per NFT Unit, each NFT Unit consisting of one non-flow-through common share and one transferable share purchase warrant (NFT Warrant). Each NFT Warrant will entitle the holder to purchase one additional non-flow-through common share in the capital of the Company for a period of twelve months from the date of issuance of the NFT Units, at an exercise price of 10 cents per share.
2. An aggregate of up to $800,000 through the issuance of up to 10,000,000 units (FT Units) at eight cents per FT Unit, each FT Unit consisting of one flow-through common share and one non-transferable share purchase warrant (FT Warrant). Each FT Warrant will entitle the holder to purchase one additional non-flow-through common share in the capital of the Company for a period of twelve months from the date of issuance of the FT Units, at an exercise price of 12 cents per share.
A finder's fee of up to 8% of the proceeds from the sale of Units may be paid in cash in connection with the Private Placement. The securities issued will be subject to a hold period of four months and one day.
The net proceeds of the private placement will be used for exploration of the Copper Creek's Santa Lucia, Bonsai, and Blackwater properties, and for general working capital purposes. Proceeds from the sale of FT Units will be used to incur expenditures which qualify as Canadian exploration expenses while proceeds from the sale of NFT Units will be used for both exploration expenses and general working capital.
The Private Placement is subject to approval by the TSX Venture Exchange.
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