03:50 PM EST - Copper Mountain Mining Corp. : announced that it has priced an offering of 43.5 million common shares at a price of $1.15 per share, resulting in $50.03 million in gross proceeds to the Company. The company has granted the underwriters an over-allotment option, exercisable in full or in part for a period of 30 days from the date of closing of the Offering, to purchase up to a further 5% of the common shares sold pursuant to the offering to cover over-allotments and for market stabilization purposes. The company plans to use the net proceeds from the financing to further the development of the Copper Mountain Project, to fund exploration on the company's property, to fund general and administrative expenses, and for working capital. The company intends to file its final short form prospectus as soon as it receives clearance for filing final materials with the securities regulatory authorities in each of the provinces and territories of Canada, except Quebec. The company expects to close the sale of the common shares on September 23, 2009, subject to customary closing conditions. Copper Mountain Mining Corp.
shares T.CUM are trading up $0.08 at $1.38.
