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Copper Lake Announces Closing of Oversubscribed Private Placement
TORONTO, Feb. 28, 2018 (GLOBE NEWSWIRE) -- Copper Lake Resources Ltd. (TSX-V:CPL) (Frankfurt:W0I) ("Copper Lake" or the "Company") is pleased to announce that i
About this update from Copper Lake Resources Ltd.
[{"type":"text","content":" TORONTO, Feb. 28, 2018 (GLOBE NEWSWIRE) -- Copper Lake Resources Ltd. (TSX-V:CPL) (Frankfurt:W0I) (\"Copper Lake\" or the \"Company\") is pleased to announce that it has closed the second and final tranche (the “Second Tranche”) of its non-brokered private placement of units first announced on December 14, 2017 (the “Private Placement”) raising a total of $770,500 (the “Offering”). On December 28, 2017, the Company announced the closing of the first tranche of the private placement for aggregate gross proceeds of $350,000 by way of the issuance and sale of 7,000,000 flow-through units (“FT Units”) at a price of $0.05 per FT Unit. Each FT Unit consists of one flow-through common share and one-half of one common share purchase warrant (a “FT Warrant”), with each full FT Warrant being exercisable at $0.10 for two years. Today, the Company closed the second and final tranche of the private placement, receiving aggregate gross proceeds of $420,500 from the issuance and sale of a further 5,500,000 FT Units and 2,910,000 non-flow-through units of the Company (“Units”). Each Unit will be issued at $0.05 and will consist of one non flow-through common chare and one full common share purchase warrant (a “NFT Warrant”), with each full NFT Warrant being exercisable at $0.08 for two years. Directors of the Company subscribed for a total of $129,500 of units in the placement. In connection with the closing of this tranche of the Offering, the Company has paid finders’ fees of $4,200 and has also issued 66,500 non-transferrable warrants (“Finder’s Warrants”) to certain arm’s length finders. Each Finder’s Warrant entitles the holder to acquire one additional Common Share at a price of $0.10 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 will be subject to a four-month hold period from the respective closing date. The Private Placement has been conditionally approved by the TSX Venture Exchange but remains subject to final exchange approval. “We are very pleased to have completed a su...