Copper North Announces Warrant Exercise Incentive Program
Press Release
Under the Incentive Program, in order to encourage the early exercise of the Original Warrants, the Company proposes to amend the terms of the Original Warrants such that each holder who exercise an Original Warrant on or before the close of business on November 24, 2014 (the “Deadline”) shall receive, in addition to the common share the holder would have received under the original terms of the Original Warrants, an additional ½ of a share purchase warrant of the Company (each whole such warrant, an “Additional Warrant”). Each Additional Warrant will entitle the holder to acquire one common share of the Company at an exercise price of Cdn$0.06 for a period of two years following the date of issuance of the Additional Warrant.
The Additional Warrants and the common shares issuable upon the exercise thereof will be subject to a four month hold period from the date on which the Additional Warrants are issued. The proceeds from the early exercise of the Original Warrants will be used for general working capital purposes.
If a holder does not exercise Original Warrants on or before the Deadline, the Original Warrants shall continue to be exercisable for only common shares of the Company on their original terms. If a holder exercises only a portion of his or her Original Warrants before the Deadline, any unexercised Original Warrants shall continue to be exercisable for only common shares of the Company on their original terms.
The Company intends to send a notice to the holders of the Original Warrants outlining the details of the Incentive Program shortly. The Incentive Program is subject to approval by the TSX Venture Exchange.
Certain directors and officers of the Company own an aggregate 500,000 Original Warrants. Their participation in the Incentive Program and issuance of Additional Warrants constitutes a “related party transaction” as defined in Multilateral Instrument 61-101 (“MI 61-101”). This transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the Additional Warrants to be issued to, nor the consideration paid by, such directors and officers exceeds 25% of the Company’s market capitalization.
On behalf of the Board of Directors:
Dr. Harlan Meade
President, CEO and Director
Copper North is a Canadian mineral exploration and development company. Copper North’s assets include the Carmacks Project located in the Yukon, the Redstone Property located in the Northwest Territories, and the Thor Property in British Columbia. Copper North trades on the TSX Venture Exchange under the symbol COL.
For Further Information
Dr. Harlan Meade
President and Chief Executive Officer
Tel: 604.638.2505
Email: info@coppernorthmining.com
Web: www.coppernorthmining.com
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