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DISSEMINATION IN THE UNITED
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Web Site: www.CuMtn.com
TSX: CUM
VANCOUVER, July 13, 2016 /CNW/ - Copper Mountain
Mining Corporation (TSX: CUM) ("Copper Mountain" or the
"Company") is pleased to announce that in connection with its
previously announced bought-deal offering (the "Offering"), Copper
Mountain has entered into a revised agreement with Haywood
Securities Inc. (the "Underwriter"), pursuant to which the
Underwriter has agreed to increase the size of the Offering to
C$6,501,000 (the "Upsized Offering").
The Underwriter has agreed to buy, on a bought deal basis,
11,820,000 units of the Company ("Units") at a price of
C$0.55 per Unit.
Each Unit entitles the holder to acquire, for no additional
consideration, one common share ("Common Share") of Copper Mountain
and one-half of one common share purchase warrant (each whole
common share purchase warrant, a "Warrant") of Copper Mountain.
Each Warrant will entitle the holder thereof to purchase one Common
Share of the Corporation at a price of C$0.75 per Common Share, for a period of 36
months following the closing date. In the event that the Company's
shares of common stock trade on the Toronto Stock Exchange (the
"TSX") at a closing price of greater than C$1.25 per share for a period of 20 consecutive
trading days at any time following the closing date, the Company
may accelerate the expiry date of the Warrants by giving notice via
a press release to the holders thereof, and in such case the
Warrants will expire on 30 days after the date on which such notice
is given by the Company. In addition, Copper Mountain has agreed to
grant to the Underwriter an option to purchase up to an additional
15% of the Units on the same terms and conditions as the Upsized
Offering, exercisable at any time, in whole or in part, until the
date that is 30 days following the closing of the Upsized
Offering
The net proceeds of the Upsized Offering will be used for
working capital and general corporate purposes. The Units to
be issued under the Upsized Offering will be offered by way of a
short form prospectus in all of the provinces of Canada, except Quebec.
The Upsized Offering is anticipated to close on or about
August 3, 2016 (the "Closing Date")
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.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities in any jurisdiction
in which such offer, sale or solicitation would be unlawful. The
securities offered have not been and will not be registered under
the U.S. Securities Act of 1933 (the "Act"), as amended, or any
state securities laws and may not be offered or sold in
the United States absent
registration or an applicable exemption from the registration
requirements of such Act.
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 Company has a strategic
alliance with Mitsubishi Materials Corporation who owns the
remaining 25%. The Copper Mountain mine commenced production in the
latter half of 2011, and has continued to improve its operations
since start-up. The 18,000 acre site has a large resource of copper
that remains open laterally and at depth. The mine has significant
exploration potential that will need to be explored over the next
few years to fully appreciate the property's full development
potential. Additional information is available on the Company's web
page at www.CuMtn.com.
On behalf of the Board of
COPPER MOUNTAIN MINING CORPORATION
"Jim O'Rourke"
Jim O'Rourke, P. Eng.
Chief Executive Officer
Forward looking information
Note: This release contains forward-looking statements that
involve risks and uncertainties. These statements may differ
materially from actual future events or results. Readers are
referred to the documents, filed by the Company on SEDAR at
www.sedar.com, specifically the most recent reports which identify
important risk factors that could cause actual results to differ
from those contained in the forward-looking statements. The Company
undertakes no obligation to review or confirm analysts'
expectations or estimates or to release publicly any revisions to
any forward-looking statement.
SOURCE Copper Mountain Mining Corporation