CopperMountain Mining Corp. said July 12 that it is raising grossproceeds of C$5.0 million for working capital and general corporate purposes.
The company entered a deal with Haywood Securities Inc., in whichthe underwriter agreed to purchase, on a bought deal basis, 9,100,000 CopperMountain units at a price of 55 cents apiece.
Each unit entitles the holder to acquire 1 common share ofCopper Mountain and 0.5 common share purchase warrant. Each warrant, whichexpires 36 months after the closing date, can be exercised for 1 common shareat 75 cents per share.
Copper Mountain may accelerate the warrants' expiry shouldits shares close above C$1.25 per share for 20 consecutive trading days.
Haywood has an option to purchase up to an additional 15% ofthe units on the same terms and conditions as the offering, for up to 30 daysafter the offering's Aug. 3 closing date.