Copper Lake Announces Closing of Private Placement
TORONTO, Feb. 18, 2020 (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 December 2, 2019 (the “Private Placement”) raising a total of $286,500 (the “Offering”).
Further to its news releases dated December 30, 2019 and January 23, 2020, the Company has closed the final tranche of its Private Placement through the issuance of 600,000 flow-through units (“FT Units”) at a price of $0.02 per FT Unit for gross proceeds of $12,000. 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. The total aggregate gross proceeds raised in both tranches of the Private Placement totals $286,500In connection with the closing of the Offering, the Company has paid finders’ fees of $4,130 and has also issued 208,250 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 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