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  • Copper Lake Resources Ltd (CPL) has closed the first tranche of a non-brokered private placement
  • The company issued 6,585,000 flow-through (FT) units at C$0.065 and 11,575,000 non-flow-through (NFT) units at $0.05
  • Proceeds from the placement will be used for exploration on the Marshall Lake property and general corporate purposes
  • The second tranche of the Private Placement for additional proceeds of up to $993,225 is expected to close on or before May 12
  • Copper Lake Resources Ltd. is a publicly traded Canadian company focused on advancing its Marshall Lake and Norton Lake properties located in Ontario
  • Copper Lake Resources Ltd (CPL) opened trading at $0.055 per share

Copper Lake Resources Ltd (CPL) has closed the first tranche of a non-brokered private placement of units.

The company has closed the first tranche of the private placement through the issuance of 6,585,000 flow-through (FT) units at C$0.065 per FT Unit and 11,575,000 non-flow-through (NFT) units at $0.05 per unit, for gross proceeds of $1,006,775.

Each NFT unit consists of one flow-through common share and one common share purchase warrant. 

Each FT Unit consists of one common share and one-half of a warrant.

Each warrant is exercisable at $0.10 for two years.

The company has paid finders fees of $31,117 and has also issued 555,450 non-transferable broker warrants to certain arm’s length finders. Each broker warrant entitles the holder to acquire one common share at $0.10 for a period of 24 months from the closing date.

Certain company insiders participated in the private placement for $58,500, consisting of 900,000 FT units. 

The proceeds from the FT Units will be used to incur qualified Canadian exploration expenses for exploration on the Marshall Lake property in connection with the summer drill program. Net proceeds from 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.

The second tranche of the Private Placement for additional proceeds of up to $993,225 is expected to close on or before May 12, 2021.

Copper Lake Resources Ltd. is a publicly-traded Canadian company focused on advancing its Marshall Lake and Norton Lake properties located in Ontario.

Copper Lake Resources Ltd (CPL) opened trading at $0.055 per share.

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