Canadian Securities Exchange-listed Copper Reef Mining Corporation plans to raise $500 000 through a private placement to fund its grid and surveying activities at the Alberts Lake gold deposit, in Manitoba, Canada.

The first tranche of the capital raise will comprise six-million flow-through units at a price of $0.05 apiece for proceeds of $300 000.

The second tranche of the raise will comprise eight-million Class A units at a price of $0.025 apiece for proceeds of $200 000.

Each Class A unit comprises one common share of the company and one warrant that entitles the holder to buy one common share at a price of $0.05 apiece for 12 months following the date of issuance.

Each flow-through unit comprises one common share to be issued as a “flow-through share” and one warrant, which entitles the holder to buy one common share at a price of $0.05 apiece for 24 months following date of issuance.

The company’s work is currently focused on the Alberts Lake grid over the Alberts Lake deposit. The grid has been extended to cover 1.4 km, covering the Alberts Lake gold zone and adjacent areas to the north and south where a number of high-grade gold/silver veins have been prospected, sampled and mapped.

Next, Copper Reef will conduct ground magnetic and electromagnetic surveys over the grid extended parts to complete coverage of the mineralisation known to date.

Copper Reef intends to use the proceeds from this financing on the Alberts property to establish a grid over the Z2-4 and Z2-5 base metal target areas, which cover a large anomalous region of more than 40 000 m2, along with a transient large loop electromagnetic survey (TEM) to cover these two targets and intervening areas.

A similar TEM survey will cover the Z4 base metal target anomaly. The cost of three drill holes into the three most promising targets is also included in this financing.

A portion of the funds will be used to evaluate the Z3, Z8 and Z9 target areas, while the balance of the funds will be used for corporate purposes.