VANCOUVER, BC , Nov. 9, 2020 /CNW/ – Copper Mountain Mining Corporation (TSX: CMMC) (ASX: C6C) (” Copper Mountain ” or the ” Company “) announces it has entered into an agreement with Industrial Alliance Securities Inc. (” IAS “), pursuant to which IAS as lead underwriter on behalf of a syndicate to be formed (the ” Underwriters “) has agreed to buy, on a bought deal basis, 13,043,480 common shares of the Company (” Common Shares “) at a price of C$1.15 per Common Share (the ” Offering “), representing aggregate gross proceeds to Copper Mountain of C$15,000,002 .
In addition, Copper Mountain has agreed to grant to the Underwriters an option to purchase up to an additional 15% of the aggregate gross proceeds of the Offering on the same terms and conditions as the Offering, exercisable in whole or in part, at any time up to 30 days following the closing of the Offering.
The Offering is anticipated to close on or about November 26, 2020 (the “Closing Date “), or such other date as may be agreed by the Underwriters and the Company and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX and the applicable securities regulatory authorities.
The net proceeds of the Offering will be used for regional exploration on the Company’s prospective land package in Australia , advancing the development of the Eva Copper Project and general corporate purposes.
The Common Shares will be offered by way of a short form prospectus to be filed in all provinces and territories of Canada except for Quebec and may also be offered by way of private placement in the United States.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Copper Mountain Mining Corporation
Copper Mountain’s flagship asset is the 75% owned Copper Mountain mine located in southern British Columbia near the town of Princeton . The Copper Mountain mine currently produces approximately 90 million pounds of copper equivalent, with average annual production expected to increase to approximately 120 million pounds of copper equivalent. Copper Mountain also has the development-stage Eva Copper Project in Queensland, Australia and an extensive 2,443 km 2 highly prospective land package in the Mount Isa area. Copper Mountain trades on the Toronto Stock Exchange under the symbol “CMMC” and Australian Stock Exchange under the symbol “C6C”.
Additional information is available on the Company’s web page at www.CuMtn.com .
On behalf of the Board of
COPPER MOUNTAIN MINING CORPORATION
“Gil Clausen”
Gil Clausen , P.Eng.
President and Chief Executive Officer
