The flow-through (NYSE:FT) placement will now consist of the sale of up to 11 million flow-through units (previously 10 million FT units) at 4.5 cents per FT unit (previously five cents per FT unit) for gross proceeds of up to $495,000 (previously $500,000).
Each FT unit will consist of one flow-through share of the company and one-half of one non-transferable warrant. Each warrant will entitle the holder to purchase one share at a price of five cents (previously 7.5 cents) for a period of 24 months from closing.
As previously announced, the company intends to use the funds from the share issue to finance exploration on its Carmacks project and the Thor property.
Phase two of the planned in-fill drilling at the Carmacks copper-gold project is in progress, following up the first phase which target zones 2000S and 13.
That prior work indicated a strong continuity of both oxide and sulphide mineralisation and with this new phase of drilling Copper North aims to garner sufficient information to complete a resource estimation exercise.