For the second tranche, Copper North has raised gross proceeds of C$512,001, issuing 8,533,350 flow-through shares at a price of $0.06 per flow-through share. It has also raised an additional C$112,878, issuing 1,881,300 Units at a $0.06/unit.
The Private Placement consist of the sale of up to 18,340,000 flow-through shares at a price of $0.06 per share and the sale of up to 10 million units at a price of $0.06 per unit, where each unit includes of one common share and one half of one non-transferable warrant.
Including both tranches of the Private Placement, the Company has raised C$562,001 through the issue of 9,366,684 flow-through shares and C$579,978 by issuing 9,666,300 units.
Copper North intends to use the proceeds from the flow-through portion of the private placement for exploration at the Carmacks Project and the Thor property while the unit portion will be used to advance the Carmacks Project feasibility studies as well as for working capital and general corporate purposes.
Under the second tranche, Copper North's CFO, Julien Francois, bought 500,000 Units.
Copper North's Carmacks project is located in the Yukon, and mineral resources contained in the proposed mining area are 11.98 million tonnes of measured and indicated resources grading 1.07% copper, 0.456 grams per tonne (g/t) gold and 4.58 g/t silver. In 2015, the company has launched a drilling program to expand the mineral resources in pursuit of extending the potential mine life.
According to the preliminary economic assessment (PEA) from May 2014, the project is expected to produce some 30 million pounds of LME 'Grade A' copper cathode per year, as well as 17,300 ounces of gold and 165,000 ounces of silver. And the company raised $600,000 in 2014 for a substantive drilling program, aimed at increasing the oxide mineral resources and extend the mine life.