Copper Lake Announces Result of AGM and Extends Private Placement
April 13 2020 - 7:00AM
Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: W0I) ("Copper
Lake" or the "Company") is pleased to announce the results from the
Annual General and Special Meeting of Shareholders held via
conference call on April 8, 2020, and the extension of the private
placement.
Results of Annual General and
Special Meeting of Shareholders
A total of 40,530,093 shares representing 29.97%
of the total issued and outstanding shares were voted.
Shareholders passed all resolutions set out in
the management information circular of the Company dated March 4,
2020, including the re-election of the incumbent directors, setting
the number of directors at five, the re-appointment of Grant
Thornton LLP as the Company’s auditors, and the approval of Copper
Lake’s stock option plan as required annually by the TSX Venture
Exchange. The percent of votes in favor of the various
motions ranged from 99.92% to 100%.
Extension of Private
Placement
The Company announces that its previously
announced non-brokered private placement financing (the “Offering”)
has been extended to May 5, 2020, subject to final approval by the
TSX Venture Exchange. The Offering will be comprised of up to
2,500,000 flow-through units (“FT Units”) at a price of $0.020 per
FT Unit and 5,500,000 non flow-through units (“NFT Units”) at a
price of $0.015 per unit, for gross proceeds of $132,500.
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.
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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