Copper Lake Closes First Tranche of Private Placement

TORONTO, Dec. 30, 2019 (GLOBE NEWSWIRE) — Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: W0I) (“Copper Lake” or the “Company”) announces it has closed the first tranche of the non-brokered private placement of units announced on December 2, 2019 (the “Offering”) with the issuance and sale 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 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 consists of one common share and one Warrant.
In connection with the closing of the Offering, the Company has paid finders’ fees of $4,200 and has also issued 280,000 non-transferrable broker warrants (“Broker Warrants”) to certain arm’s length finders.  Each Broker Warrant entitles the holder to acquire one additional common share at a price of $0.05 for a period of 24 months from the closing date.The proceeds from the issuance of the FT Units will be used to incur qualified Canadian exploration expenses for exploration on the Sollas Lake property in connection with the winter drill program.  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