Copper Lake Announces Extension of Private Placement
TORONTO, Jan. 23, 2020 (GLOBE NEWSWIRE) — Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: W0I) (“Copper Lake” or the “Company”) is pleased to announce that its previously announced non-brokered private placement financing (the “Offering”) has been extended to February 15, 2020, subject to final approval by the TSX Venture Exchange. The company has closed the first tranche of the Offering, consisting of a total of 6,500,000 flow-through units (“FT Units”) at a price of $0.020 per FT Unit and 9,633,333 non flow-through units (“NFT Units”) at a price of $0.015 per unit, for gross proceeds of $274,500. 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. Each NFT Unit consists of one common share and one Warrant.
As previously announced, 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 the payment of accounts payable and for working capital. 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