Copper Lake Announces Closing of First Tranche of Previously Announced Private Placement
News Release No: 21-06
COPPER LAKE ANNOUNCES CLOSING OF FIRST TRANCHE OF
PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT
April 16, 2021 – Toronto, ON – Copper Lake Resources ltd. (TSX-V: CPL, Frankfurt: WOL, OTC:
WTCZF) (“Copper Lake” or the “Company”) is pleased to announce the closing of the first tranche
of a non-brokered private placement of units announced on March 3, 2021 (the “Private Placement”).
The Company has closed the first tranche of the private placement through the issuance of 6,585,000
flow-through units (“FT Units”) at a price of $0.0 65 per FT Unit and 11,575,000 non flow-through
units (“NFT Units”) at a price of $0.05 per unit , for gross proceeds of $1,006,775. Each N FT Unit
consists of one flow-through common share and one common share purchase warrant (a “Warrant”),
with each Warrant being exercisable at $0.10 for two years. Each FT Unit consists of one common
share and one-half of a Warrant.
In connection with the closing of the Private Placement, the Company has paid finders fees of $31,117
and has also issued 555,450 non-transferrable broker warrants (“Broker Warrants”) to certain arm’s
length finders. Each Broker Warrant entitles the holder to acquire one common share of the Company
at a price of $0.10 for a period of 24 months from the closing date.
Certain insiders of the Company participated in the Private Placement for $58,500, comprised of
900,000 FT U nits. The Company is relying on the exemptions from the valuation and minority
shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-
101, as the fair market value of the participation in the Offering by the insider does not exceed 25%
of the market capitalization of the Company, as determined in accordance with MI 61-101.
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 in connection with the summer drill program.
Net proceeds from the issuance of 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 but remains
subject to final exchange approval.
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.
About Copper Lake Resources
Copper Lake Resources Ltd. is a publicly traded Canadian company currently focused on advancing
its Marshall Lake and Norton Lake properties located in Ontario, Canada.
Marshall Lake Property
The Marshall Lake high -grade VMS copper, zinc, silver and gold property, comprises an area of
approximately 104 square km located 120 km north of Geraldton, Ontario and is accessible by all-
season road from the Trans-Canada Highway and just 22 km north of the main CNR rail line. Copper
Lake has an option to increase its interest to 87.5% from its current 75% interest. The property also
includes 148 claim cells staked in 2018 and 2020 that are 100% owne d and not subject to any
royalties, which add approximately 30 square km to the property. The current consolidated land
position has an extensive exploration history including historical resource estimates as documented
and disclosed appropriately in the 43 -101Technical Report on the Marshall Lake Property dated
June 7, 2016 available at www.copperlakeresources.com.
In addition to the original Marshall Lake property above, Marshall Lake also includes the Sollas
Lake and Summit Lake properties, which are 100% owned by the Company and are not subject to
any royalties. The Sollas Lake property consists of 20 claim cells comprising an area of 4 square
km on the east side of the Marshall Lake property where historical EM airborne geophysical surveys
have outlined strong conductors on the property hosted within the same favorable felsic volcanic
units. The Summit Lake property currently consists of 100 claim cells comprising an area of 20.5
square km, is accessible year round, and is located immediately west of t he original Marshall Lake
property.
Norton Lake Property
Copper Lake has a 71.41% interest in the Norton Lake nickel, copper, cobalt, and palladium PGM
property, located in the southern Ring of Fire area, is approximately 100 km north of the Marshall
Lake Property. The Norton Lake property has a NI 43 -101 compliant 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,
Copper Lake Resources Ltd.
Terry MacDonald, CEO
(416) 561-3626
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.