TORONTO, Nov. 18, 2019 (GLOBE NEWSWIRE) — Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: W0I) (“Copper Lake” or the “Company”) announces the final closing of the non-brokered private placement of units announced on March 14, 2019 (the “Private Placement”) raising a total of $81,000 (the “Offering”).
On June 18, 2019, the Company announced the closing of the first tranche of the private placement for aggregate gross proceeds of 81,000 by way of the issuance and sale of 2,300,000 flow-through units (“FT Units”) at a price of $0.025 per FT Unit. Each FT Unit consists of one flow-through common share and one common share purchase warrant (a “FT Warrant”), with each Warrant being exercisable at $0.05 for two years. In connection with the closing of the Offering, the Company has paid finders’ fees of $4,130 and has also issued 166,250 non-transferrable units (“Finder’s Units”) to certain arm’s length finders. Each Finder’s Unit includes one common share and entitles the holder to acquire one additional common share at a price of $0.05 for a period of 24 months from the closing date.The proceeds from the issuance of the FT Units will be used to incur qualified Canadian exploration expenses for exploration on the Marshall Lake property in connection with the winter drill program. Net proceeds from the issuance of the NFT Units will be used for general corporate purposes. All securities issuable are subject to a four-month hold period from the closing date.The Private Placement has been conditionally approved by the TSX Venture Exchange but remains subject to final exchange approval.About Copper Lake Resources
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