Copper Lake Closes First Tranche of Private Placement
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News Release No: 19-08
COPPER LAKE CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT
December 30, 2019 - Toronto, ON - 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 w arrant (a
“Warrant”), with each Warrant being exerci sable 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
Copper Lake Resou rces Ltd. is a publicly traded Canadian company currently focused on
advancing properties located in Ontario, Canada.
The Marshall Lake high -grade VMS copper, zinc, silver and gold property, located just north of
Geraldton, Ontario, comprises an area of approximately 10,430 hectares and is accessible by all -
season road. Copper Lake has an option to increase its interest to 87.5% from its current 75%
interest.
Copper Lake has a 71.41% interest in the Norton Lake nickel, copper, cobalt, PGM property,
located in the southern Ring of Fire area, is approximately 100 km north of the Marshall Lake
Property, and 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.
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 favourable felsic volcanic units.
The Sollas Lake Property is 100% owned by the Company and is not subject to any royalties.
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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 im mediately west of the Company’s 75% -owned
advanced exploration Marshall Lake Property. The Summit Lake Property is 100% owned by the
Company and is not subject to any royalties.
The Company also has an option agreement to acquire up to 100% of four separat e Ontario
properties in the Kenora and Patricia mining belt: Queen Alexandra Gold Property, the Mine Lake
Gold Property, the Grand Chibougamau Gold Property and the Centrefire -Redhat Gold-Copper
Property.
On behalf of the Board of Directors,
Copper Lake Resources Ltd. CHF Capital Markets
Terry MacDonald, CEO Cathy Hume, CEO
(416) 561-3626 (416) 868-1079 x 231
[email protected] [email protected]
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.