Business
Copper Lake Resources Closes First Tranche of Private Placement
TORONTO, June 18, 2019 (GLOBE NEWSWIRE) -- Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: W0I) ("Copper Lake" or the "Company") is pleased to announce that
About this update from Copper Lake Resources Ltd.
[{"type":"text","content":" TORONTO, June 18, 2019 (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 first tranche of its previously announced non-brokered private placement offering (the “Offering”) of Flow-Through Units (“FT Units”) pursuant to which the Corporation issued 2,300,000 Flow-Through Units at a price of $0.025 per unit and 1,175,000 Non Flow-Though Units (“NFT Units) for gross proceeds of $81,000. Each FT Unit consists of one flow-through common share and one common share purchase warrant (a “Warrant”), with each Warrant being exercisable at $0.05 for two years, expiring on June 18, 2021. Each NFT Unit consists of one non flow-through common share and one Warrant. In connection with the closing of this tranche 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 consists of one non flow-through common share and one common share purchase warrant (“Finders’ Warrant”) which entitles the holder to acquire one additional common share of the Company 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. Net proceeds from the issuance of the NFT Units will be used for payment of current liabilities. 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. All securities issued are subject to a statutory hold period of four months in accordance with applicable securities legislation, which will expire on October 19, 2019. About Copper Lake Resources Copper Lake Resources Ltd. is a publicly traded Canadian company currently focused on advancing properties located in Ontario, Canada. The Marshall Lake high-grade VMS copper, zinc, silver and gold property, located just north of Geraldton, Ontario, comprises an area of approximately 10,430 hectares and is accessible by all-season road. Copper Lake has an option to increase its interest to 87.5% from...