Copper Lake Announces Extension of Private Placement
January 23 2020 - 6:55PM
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
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 104 square km and is accessible
by all-season road. Copper Lake has an option to increase its
interest to 87.5% from its current 75% interest.
In addition to the original Marshall Lake
property above, Marshall Lake also includes the Sollas Lake and
Summit Lake properties, which are 100% owned by the Company and are
not subject to any royalties. 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 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 original Marshall Lake property.
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 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. |
CHF Capital Markets |
Terry MacDonald, CEO |
Cathy Hume, CEO |
(416) 561-3626 |
(416) 868-1079 x 231 |
tmacdonald@copperlakeresources.com |
cathy@chfir.com |
www.copperlakeresources.com
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.
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