TORONTO, Dec. 14, 2017 (GLOBE NEWSWIRE) -- Copper Lake Resources Ltd. (TSX-V:CPL) (Frankfurt:W0I) ("Copper Lake" or the "Company") announces that it is arranging a non-brokered private placement (the “Offering”) of up to 8,000,000 Flow-Through Units (“FT Units”) and 2,000,000 Non Flow-Through Units (“NFT Units”) to raise gross proceeds of up to $500,000 (“the Offering”).
Each FT Unit will be issued at $0.05 and will consist of one flow-through common share and one-half of one common share purchase warrant (a “FT Warrant”), with each full FT Warrant being exercisable at $0.10 for two years. Each NFT Unit will be issued at $0.05 and will consist of one non flow-through common share and one full common share purchase warrant (a “NFT Warrant”), with each full NFT Warrant being exercisable at $0.08 for two years.
The Company intends to use the proceeds from the issuance of the FT Units to incur qualified Canadian exploration expenses for exploration on the Marshall Lake property in connection with the planned winter drill program. Net proceeds from the issuance of the NFT Units will be used for general working capital purposes.
Closing of the Offering is anticipated to occur on or before December 31, 2017, and is subject to receipt of acceptance by the TSX Venture Exchange. All securities issuable will be subject to a four-month hold period from the date of closing. Finder’s fees may be payable in appropriate circumstances in connection with the Offering, in accordance with the policies of the TSX Venture Exchange.
About Copper Lake Resources
Copper Lake Resources Ltd. is a publicly traded Canadian company currently focused on advancing two significant properties located in Ontario, Canada:
- The Marshall Lake VMS copper, zinc, silver and gold property is an advanced exploration stage property located 120 km north of Geraldton, Ontario via good all weather gravel road from the Trans-Canada Highway and just 22 km north of the main CNR rail line.
Copper Lake currently has a 68.75% interest in the property and has the option to increase its interest to 75% by incurring additional expenditures of $595,000 by July 15, 2018. The Company can further increase its interest to 87.5% by taking the project to bankable feasibility stage. - The Norton Lake nickel, copper, PGM property (69.79%) is located in the southern Ring of Fire area, approximately 100 km north of the Marshall Lake property, and has a NI 43-101compliant measured and indicated resource of 2.26 million tonnes @ 0.67% Ni, 0.61% Cu, 0.03% Co and 0.46 g/t Pd.
On behalf of the Board of Directors,
“Terrence MacDonald”
Chief Executive Officer and Director
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.
Contact: Terry MacDonald
Phone: 416-631-3626