Northfield Capital Corporation Acquires Securities of Copper Reef Mining Corporation

TORONTO, Oct. 18, 2019 (GLOBE NEWSWIRE) -- Northfield Capital Corporation ("Northfield") announces that together with its joint actor, Mr. Robert Cudney, has acquired ownership and control of 15,250,000 common shares (the "Common Shares") and 15,250,000 share purchase warrants (the "Warrants") of Copper Reef Mining Corporation (the "Company"), 12 Mitchell Rd., P.O. Box 306, Flin Flon, Manitoba, R8A 1N1 at a cost of $0.02 per unit ("Unit"), with each Unit consisting of one Common Share and one Warrant. The Common Shares and Warrants were acquired by Northfield and its joint actor through a private placement on October 18, 2019, representing approximately 7.9% of the issued and outstanding common shares of the Company as of such date immediately following such transaction (or approximately 14.6% calculated on a partially diluted basis assuming exercise of the Warrants only).  Of this total, an aggregate of 13,750,000 Units were acquired by Northfield (representing approximately 7.1% of the issued and outstanding common shares of the Company as of such date immediately following such transaction, or approximately 13.2% calculated on a partially diluted basis assuming exercise of the Warrants acquired by Northfield only), and 1,500,000 Units were acquired by Mr. Cudney (representing approximately 0.8% of the issued and outstanding common shares of the Company as of such date immediately following such transaction, or approximately 1.5% calculated on a partially diluted basis assuming exercise of the Warrants acquired by Mr. Cudney only). 

Upon completion of the transaction described above, Northfield owns and controls an aggregate of 22,467,000 common shares of the Company and convertible securities entitling Northfield to acquire an additional 13,750,000 common shares of the Company, representing approximately 11.6% of the issued and outstanding common shares of the Company as of October 18, 2019 immediately following the transaction described above (or approximately 17.4% assuming exercise of the convertible securities only).

Upon completion of the transaction described above, Northfield, together with its joint actor, Mr. Robert Cudney, own and control an aggregate of 25,533,000 common shares of the Company (of which 22,467,000 common shares are owned by Northfield directly and 3,066,000 common shares are owned by its joint actor) and convertible securities entitling Northfield and its joint actor to acquire an additional 15,250,000 common shares of the Company (of which 13,750,000 convertible securities are owned by Northfield directly and 1,500,000 convertible securities are owned by its joint actor), representing approximately 13.1% of the issued and outstanding common shares of the Company as of October 18, 2019 immediately following the transaction described above (or approximately 19.5% calculated on a partially diluted basis, assuming the exercise of the 15,250,000 convertible securities only).

The Common Shares and Warrants were acquired in a private placement transaction which did not take place through the facilities of any market for the Company's securities.  This transaction was effected for investment purposes and Northfield and its joint actor, Mr. Robert Cudney, could increase or decrease their investments in the Company at any time, or continue to maintain their current investment position, depending on market conditions or any other relevant factor.  The Common Shares and Warrants were acquired for aggregate consideration of $305,000.00, pursuant to the exemption contained in Section 2.3 of National Instrument 45-106 on the basis that each of Northfield and Mr. Cudney is an "accredited investor" as defined herein.

Additional Information

A copy of the applicable securities report filed in connection with the matters set forth above may be obtained by contacting:

Brent Peters
141 Adelaide Street West, Suite 301
Toronto, Ontario  M5H 3L5

Tel: 416-628-5901

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.