Copper Lake Announces $500,000 Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 30, 2015) - Copper Lake Resources Ltd. (TSX VENTURE:CPL)(FRANKFURT:W01) ("Copper Lake" or the "Company") announces that it is undertaking a non-brokered private placement (the "Placement") involving the issuance of up to 10,000,000 units (each a "Unit") at a price of $0.05 per Unit. Each Unit will consist of one common share in the capital of the Company (a "Share") and one half of one common share purchase warrant (each whole common share purchase warrant being a "Warrant"). Each whole Warrant entitles the holder to acquire an additional Share at a price of $0.10 per Share for a period of eighteen months from the date of issuance.
The Common Shares and Warrants issued in connection with the Placement will be subject to a four month hold period from the closing date, as prescribed by the TSX Venture Exchange and applicable securities laws. Finders' fees in the amount of up to 8% may be paid in either cash or Units, based on the sale of the Units purchased by subscribers introduced to the Company by such finders.
The net proceeds from this financing will be used to undertake further exploration work on the Marshall Lake and/or Norton Lake property as well as for general corporate purposes.
The Placement and payment of any finder's fees are subject to the approval of the TSX Venture Exchange and other customary closing conditions.
About Copper Lake Resources:
Copper Lake Resources Ltd. is a 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 a good all weather gravel road from Hwy 11/Trans Canada Hwy, and just 22 km north of the main CNR rail line).
- The Norton Lake copper, nickel PGM property is located approximately 100 km north of the Marshall Lake property and has a current NI 43 -101 resource.
On behalf of Copper Lake Resources Ltd.
Ronald Coombes, President and CEO
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.