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 its current 75% interest.
Copper Lake has a 71.41% interest in the Norton Lake nickel, copper, cobalt, PGM property, located in the southern Ring of Fire area, is approximately 100 km north of the Marshall Lake Property, and has a NI 43-101 compliant measured and indicated resource of 2.26 million tonnes @ 0.67% Ni, 0.61% Cu, 0.03% Co and 0.46 g/t Pd.
The Sollas Lake property consists of 20 claim cells comprising an area of 4 square km on the east side of the Marshall Lake property where historical EM airborne geophysical surveys have outlined strong conductors on the property hosted within the same favourable felsic volcanic units. The Sollas Lake Property is 100% owned by the Company and is not subject to any royalties.
The Summit Lake property currently consists of 100 claim cells comprising an area of 20.5 square km, is accessible year round, and is located immediately west of the Company’s 75%-owned advanced exploration Marshall Lake Property. The Summit Lake Property is 100% owned by the Company and is not subject to any royalties.
The Company also has an option agreement to acquire up to 100% of four separate Ontario properties in the Kenora and Patricia mining belt: Queen Alexandra Gold Property, the Mine Lake Gold Property, the Grand Chibougamau Gold Property and the Centrefire-Redhat Gold-Copper Property.
On behalf of the Board of Directors,
|Copper Lake Resources Ltd.
Terry MacDonald, CEO
|CHF Capital Markets
Cathy Hume, CEO
(416) 868-1079 x 231
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.