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Copper North Conserves Cash By Issuing Shares To Settle Debts

|Includes: Copper North Mining Corp. (CPNVF)

Copper North (CVE:COL) is to issue shares to settle certain debts in order to conserve cash.

The developer of the Carmacks copper-gold project has entered into agreements with two arms' length creditors to satisfy indebtedness of C$283,000 by proposing to issue 5.66mln shares at five cents each.

The shares for debt transaction is subject to regulatory approval and all common shares issued will be subject to a four month hold period from the date of issuance, Copper North said.

The company added it has completed the first portion of the flow-through private placement announced on 8 December.