Copper Mountain Announces C$15 Million Bought Deal Offering of Common Shares
/NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
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 km2 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
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects", "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved". Forward-looking statements include the anticipated size of the Offering, the offering price, the entering into of the underwriting agreement, the anticipated closing date and the completion of the Offering, the anticipated use of the net proceeds from the Offering, the receipt of all approvals including the approval of the TSX, and the Company's intentions regarding its objectives, goals or future plans and statements. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, an inability to complete the Offering on the terms or on the timeline as announced or at all, the Company's ability to obtain all approvals as required in connection with the Offering, the successful exploration of the Company's properties in Canada and Australia, the reliability of the historical data referenced in this press release and risks set out in Copper Mountain's public documents, including in each management discussion and analysis, filed on SEDAR at www.sedar.com. Although Copper Mountain believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by applicable law, Copper Mountain disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Copper Mountain Mining Corporation
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