Copper Reef Mining Corporation (OTCPK:CPEF.F) announced a non-brokered private placement of class A units and flow-through common shares at CAD 0.05 per unit and share for gross proceeds of CAD 500,000 on October 3, 2013. The number of units and flow-through shares will be determined later. Each class A unit consists of one common share and one warrant. Each warrant entitles the holder to purchase an additional common share of the company at CAD 0.10 per share for a period of 24 months from the date of issuance. The securities being issued are subject to a hold period of four months. The transaction is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals.

On December 31, 2013, the company closed the first tranche of the transaction. The company issued 3,310,000 flow-through shares in the first tranche for gross proceeds of CAD 165,500. The transaction included participation from the investors in the provinces of Manitoba, Saskatchewan and Ontario. The securities issued in the first tranche are subject to a hold period expiring on May 1, 2014. The second tranche of class A units is expected to close by January 15, 2014.

On January 24, 2014, Copper Reef Mining Corporation closed the transaction. The common shares issued have a hold period of May 25, 2014.