Copper North Mining (CVE:COL) has closed the non-brokered private placement financing it announced in January, raising a total of $318,000 in proceeds which will be used to expand the resource and conduct engineering work at its Carmacks project in the Yukon.
The company placed 5.3 million units at a price of 6 cents apiece, with each unit made up of one common share and one half of a share purchase warrant. Every whole warrant allows the holder to buy an additional share at a price of 9 cents, until March 19, 2017.
In addition to the Carmacks project, the new funds will also be used for exploration at the company's Thor property, and for working capital needs, the company said.
Copper North's chairman, Dale Corman, bought up 1.7 million units in the latest placement.
Earlier this year, Copper North slashed its capex estimate for its Carmacks asset by 30 percent to C$150 million with a new recovery process, achieving its goal of putting forward a brand new project that will become the foundation for building a new, mid-tier copper producer.
The news is what Copper North was waiting for to move forward with its pre-feasibility and feasibility studies for the project, for which it has hired a joint engineering team including JDS Energy and Mining and Chinese firm Beijing General Research Institute of Mining and Metallurgy (BGRIMM).