Copper Lake Announces Conversion of Convertible Debentures into Equity Units
5514167.1
News Release No: 17-05
COPPER LAKE ANNOUNCES CONVERSION OF CONVERTIBLE
DEBENTURES INTO EQUITY UNITS
May 1, 201 7 – Toronto, ON - Copper L ake Resources Ltd. (TSX-V: CPL, Frankfurt: W0 I)
(“Copper Lake” or the “Company”) is pleased to announce holders of convertible debentures
issued in April 2016 have elected to convert debentures in the amount of $307,500 into units at a
conversion rate of $0.05 per unit , effective April 27, 2017. Each unit is comprised of one
common share and one common share purchase warrant. Each common share purchase warrant
entitles the holder to purchase one additional common share at a price of $0.05 for a period of
four years from the date of conversion. A s a result of the conversion, a total of 6,150,000
common shares and 6,150,000 common share purchase warrants will be issued. Directors of the
corporation held debentures in the amount of $115,500 that were converted to units.
The balance of April 28, 2016 convertible debentures in the amount of $112,500 will continue
accrue interest at 12% per annum. However, the conversion rate on these debentures has now
increased to $0.10 for the remaining term of four years.
Interest accrued on the debentures to April 28, 2017 in the amount of $50,400 will be paid in
units consisting of one common share and one common share purchase warrant, exercisable a t
$0.05 for a period of four years, subject to approval by 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:
1. 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 $670,000 by July 15, 2018. The
Company can further increase its interest to 87.5% by taking the project to bankable
feasibility stage.
2. The Norton Lake nickel, copper, PGM property (69.79%) is located app roximately 100 km
north of the Marshall Lake property.
The Company also recently entered into a mineral property option agreement to acquire up to
100% of four separate properties in Ontario made up of se ven claims. The properties are
situated in the Kenora and Patricia mining divisions in Northweste rn Ontario and are known as
the Queen Alexandria Gold Property, the Mine Lake Gold Property, the Grand Chibougamau
Gold Property and the Centrefire-Redhat Gold-Copper Property.
On behalf of Copper Lake Resources Ltd.
“Terrence MacDonald”
Director and Interim CEO
The TSX Venture Exchange has not reviewed this news release and does not accept responsibility for the
adequacy or accuracy of this release. This news release includes certain statements that may be deemed
"forward-looking statements". All statements, other than statements of historical facts, that address such
matters as future exploration, drilling, exploration activities, potential mineralization and resources and
events or developments that the Company expects, are forward looking statements and, as such, are subject to
risks, uncertainties and other factors of which are beyond the reasonable control of the Company. Although
the Company believes the expectations expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance and actual results or developments
may differ materially from those in forward-looking statements. Factors that could cause actual results to
differ materially from those in forward-looking statements include such matters as market prices, exploitation
and exploration results, continued availability of capital and financing, and general economic, market or
business conditions. Any forward-looking statements are expressly qualified in their entirety by this cautionary
statement. The information contained herein is stated as of the current date and subject to change after that
date.