Copperbank Resources Announces Close of Private Placement
VANCOUVER, BC / ACCESSWIRE / October 22, 2018 / COPPERBANK RESOURCES CORP. (OTC PINK: CPPKF; CSE: CBK) ("CopperBank" or the "Company") is pleased to announce that the Company has completed a private placement financing for gross proceeds of $784,170, issuing 11,202,429 common shares at a price of $0.07 per share. No fees were paid as part of this private placement.
The private placement is subject to the approval of the Canadian Securities Exchange and the securities will be subject to a four month and one day hold period under securities laws. The Company intends to use the net proceeds from the private placement to advance its portfolio of copper projects and for general working capital.
About CopperBank Resources
CopperBank holds an advanced portfolio of copper development assets located in the United States, including the Copper Creek project in Arizona, Pre-Feasibility stage Contact copper project in Nevada and the Pyramid and San Diego Bay projects in Alaska.
The recently acquired Copper Creek project consists of approximately 16 square miles of contiguous mining claims proximal to significant existing mining projects in state while also having over 670,000 feet of drilling and approximately of US$90 million in project related expenditures. Copper Creek currently hosts a large copper resource which remains open in several directions.
COPPERBANK RESOURCES CORP.
Giulio T. Bonifacio, President & CEO
Eugene Toffolo,Manager, Investor Relations & Communications
Gianni Kovacevic,Executive Chairman
Cautionary and Forward-Looking Information
Certain information in this release constitutes forward looking statements or information ("forward-looking statements") under applicable securities laws and necessarily involves risks and uncertainties. Forward-looking statements included herein are made as of the date of this news release and, except as required by applicable law, CopperBank does not undertake any obligation to update or revise any of the forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Forward-looking statements relate to future events or future performance and reflect management of CopperBank's expectations or beliefs regarding future events. In certain cases, forward-looking statements can be identified by the use of words such as "plans", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. Examples of forward-looking statements in this news release include, but are not limited to, statements with respect to the Company's ongoing review of its existing portfolio, the involvement of CopperBank in any potential divestiture, spin-out, partnership or other transactions involving the Company's portfolio assets, and the ability of the Company to complete any such transactions, the ability of CopperBank to enter into transactions that will ultimately enhance shareholder value, and potential future work or activities in respect of the Pyramid project or the Contact project. Although CopperBank believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information available to CopperBank. Forward-looking statements are based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information. Such factors and assumptions include, but are not limited to, the Company's ability to identify and complete one or more transactions involving the Company's portfolio assets that enhance shareholder value as part of management's ongoing review of strategic alternatives in the current market conditions. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Such factors include, but are not limited to, the risk that the Company will not be able to identify and complete one or more transactions involving the Company's portfolio assets that enhance shareholder value as part of management's ongoing review of strategic alternatives in the current market conditions. Although CopperBank has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated by such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. For more information on CopperBank and the risks and challenges of its businesses, investors should review the continuous disclosure filings that are available under CopperBank's profile at www.sedar.com.