Mining company Copper Reef plans to undergo some serious changes - starting with the name on the door.
The company announced a non-brokered private placement of around $1.5 million in total value June 11 and a proposed change of the company’s name from Copper Reef Mining Corporation to Voyageur Mining Corporation.
The name change is not finalized - approval from the company’s board at its annual shareholder meeting will be needed to set the new name in stone.
Part of the deal will include selling five million units of the company at 30 cents apiece, with each unit forming one common share in the company and half of a common share purchase warrant which will allow the holder to buy additional shares at 40 cents each for 18 months after purchase.
A news release issued by Copper Reef listed one of the reasons for the name change as the company’s increasing interest in minerals aside from copper. Updated resource models for some company properties were also mentioned.
“The name change to Voyageur... is a step in the company's transition to broaden the focus to base metal and precious metal prospects, rather than solely copper. We believe that updating the resource models for the company’s properties will enhance our continued work to unlock the discovery potential of these projects for the benefit of our shareholders,” said company president and CEO Brian Howlett.
Copper Reef operates four main exploration properties around Flin Flon at Hanson Lake, Alberts Lake, Bartley Lake and East Big Island, along with other assorted projects in the region. Each of the projects are currently in exploration stages. Funds raised from the offering are likely to fund further exploration in the region.
“It is expected that the gross proceeds from the offering will be primarily used for exploration activities at the company’s properties in northwest Manitoba and northeast Saskatchewan and general corporate purposes,” reads the news release.
Rockcliff
Rockcliff Metals has announced another drilling program in northern Manitoba.
The new campaign will commence on the company’s Tower property, with 3,000 metres of drilling taking place on the site. Pending results from the drill program, Rockcliff plans on moving ahead with the site and pursuing a feasibility study and a preliminary economic analysis of the site.
With the Tower property, work on the site is continuing in consultation with the Norway House Cree Nation (NHCN) and the Manitoba government as part of the provincial government’s mineral development protocol. The Tower property is located near Highway 6, with part of the property on NHCN land.
Chief Larson Anderson said NHCN would continue working with Rockcliff, including supplying camp facilities and services at the site to Rockcliff workers.
“NHCN will continue to provide camp facilities as well as services such as cooks for camp meals, food provisions, and fuel. This is all part of NHCN’s future of developing themselves as a full partner for socially and environmentally responsible mining companies,” said Anderson in a news release.
Rockcliff operates four properties in northern Manitoba, each east of Flin Flon and south of Snow Lake - the Talbot, Tower and Rail deposits, other historical deposits including Bur and MacBride and the Bucko Lake Mill area near Wabowden.
