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Copper Lake Announces $300,000 Financing and Approval of JEAP Grant
TORONTO, ONTARIO--(Marketwired - Aug. 8, 2016) - Copper Lake Resources Ltd. (TSX VENTURE:CPL)(FRANKFURT:W0I) ("Copper Lake" or the "Company") announces that it
About this update from Copper Lake Resources Ltd.
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - Aug. 8, 2016) - Copper Lake Resources Ltd. (TSX VENTURE:CPL)(FRANKFURT:W0I) (\"Copper Lake\" or the \"Company\") announces that it is arranging a non-brokered private placement of flow-through units (\"FT Units\") and non flow-through units (\"NFT Units\") to raise gross proceeds of up to $300,000 (\"the Offering\"). Each FT Unit will be issued at$0.06 and will consist of one Flow-through Common Share and one-half of one Common Share Purchase Warrant, with each full Common Share Purchase Warrant being exercisable at $0.15 for two years. Each NFT Unit will be issued at $0.06 and will consist of one non flow-through Common Share and one full Common Share Purchase Warrant, with each full Common Share Purchase Warrant being exercisable at $0.15 for two years. The common Shares comprising the FT and NFT Units and the Common Shares issuable upon exercise of the Common Share Purchase Warrants will be subject to a four month hold period commencing on the Closing Date, being the date of issuance of the Units. The Share Purchase Warrants will be subject to the right of the Company to accelerate the exercise if the shares of the Company trade at or above $0.25 for a period of ten consecutive trading days. The net proceeds of the financing shall be used to for the Company's summer work program on its Marshall Lake property and for general working capital. The Company will pay reasonable expenses and fees incurred in connection with the Offering and agents or finders may, in accordance with TSX Venture Exchange policy. Be paid a negotiated cash fee as a percentage of the gross proceeds raised in the Offering. Approval of JEAP Grant The Company is pleased to announce that it is received approval as an applicant for the Junior Exploration Assistance Program sponsored by the Northern Ontario Heritage Fund Corporation and the Ontario Prospectors Association. The Junior Exploration Assistance Program will provide Copper Lake with a rebate of up to 33.33% on approved exploration expenses on the Marshall Lake project, to a maximum of $92,364. Appointment of CFO The Company also wishes to announce the appointment of Ms. Lisa Korinek, MBA as Chief Financial Officer (\"CFO\") of the Company. Ms Korinek replaces Dr. Elliott Strashin who has served as the Interim CFO since April 2016. Ms. Korinek has over 20 years of exp...