Copper Road Announces Private Placement of $150,000
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Copper Road Announces Private Placement of $150,000
TORONTO, October 16, 2023 (GLOBE NEWSWIRE) – Copper Road Resources Inc. (TSXV: CRD) (“Copper Road” or
the “Company”) is pleased to announce a non-brokered private placement 1,500,000 flow-through units of the
Company (each, a n “FT Unit”) at a price of $ 0.10 per FT Unit for aggregate gross proceeds of $150,000 (the
“Offering”). Each FT Unit will consist of one common share of the Company to be issued as a “flow -through
share” (each, an “FT Share”) within the meaning of the Income Tax Act (Canada) (the “Tax Act”) and one common
share purchase warrant (each warrant, a “Warrant”). Each Warrant shall entitle the hol der to purchase one
common share of the Company at a price of $0. 15 at any time on or before that date which is 24 months after
the closing date of the Offering.
The Company intends to use the gross proceeds of the Offering on the exploration of the Compa ny’s Copper
Road project near Batchewana Bay, Ontario and for general working capital purposes. The gross proceeds from
the issuance of the FT Shares will be used for “Canadian Exploration Expenses” (within the meaning of the Tax
Act) (the “Qualifying Expenditures”), and that qualify for the federal 30% Critical Mineral Exploration Tax Credit
announced in the federal budget on April 7, 2022, which will be renounced with an effective date no later than
December 31, 2023 to the purchasers of the FT Units in a n aggregate amount not less than the gross proceeds
raised from the issue of the FT Shares. If the Qualifying Expenditures are reduced by the Canada Revenue
Agency, the Company will indemnify each subscriber of FT Units for any additional taxes payable by such
subscriber as a result of the Company’s failure to renounce the Qualifying Expenditures.
The Offering is scheduled to close on or around the week of October 23, 2023, and is subject to certain conditions
including, but not limited to, the receipt of all necessary approvals including the approval of the TSXV.
About Copper Road
Copper Road Resources Inc. is a Canadian based explorer engaged in the acquisition, exploration and evaluation
of properties for the mining of precious and base metals. The Company is exploring for large copper/gold
deposits on the 21,000-hectare Batchewana Bay Project 80 km. north of Sault St. Marie, Ontario, Canada.
Further Information
For further information regarding Copper Road, please contact:
Mr. John Timmons, President/CEO and Director
Copper Road Resources Inc.
Cellular (416) 931 2243
Email: [email protected]
Web: www.copperoad.ca
Cautionary Note Regarding Forward Looking Information
This news release contains "forward -looking information" and "forward -looking statements" (collectively, forward -looking
statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical
fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release.
Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions,
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future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates"
or "does not anticipate", "plans", “proposed”, "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of
such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur
or be achieved) are not statements of historical fact and may be forward -looking statements. In this news release, forward -looking
statements relate to, among other things, the completion of the Offering, including receipt of all necessary regulatory approvals, the
Company’s objectives, goals and exploration activities conducted and proposed to be conducted at the Company’s properties; future
growth potential of the Company, including whether any proposed exploration programs at any of the Company’s properties will be
successful; exploration results; and future exploration plans and costs and financing availability.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time
such statements were made. Actual future results may differ materially as forward -looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially
differ from any future results, performance or achievements expressed or implied by such forward -looking statements. Such factors,
among other things, include: the expected benefits to the Company relating to the exploration conducted and proposed to be
conducted at the Company’s properties; the receipt of all applicable regulatory approvals for the Offering; t he completion of the
Offering on the terms described herein, or at all; failure to identify any mineral resources or significant mineralization; the preliminary
nature of metallurgical test results; uncertainties relating to the availability and costs of f inancing needed in the future, including to
fund any exploration programs on the Company’s properties; fluctuations in general macroeconomic conditions; fluctuations in
securities markets; fluctuations in spot and forward prices of gold, silver, base metal s or certain other commodities; fluctuations in
currency markets; change in national and local government, legislation, taxation, controls, regulations and political or economic
developments; risks and hazards associated with the business of mineral explor ation, development and mining (including
environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave -ins and flooding); inability to obtain
adequate insurance to cover risks and hazards; the presence of laws and regulation s that may impose restrictions on mining and
mineral exploration; employee relations; relationships with and claims by local communities and indigenous populations; availability
of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development
(including the risks of obtaining necessary licenses, permits and approvals from government authorities); the unlikelihood th at
properties that are explored are ultimately developed into producing mines; geolog ical factors; actual results of current and future
exploration; changes in project parameters as plans continue to be evaluated; soil sampling results being preliminary in natu re and
are not conclusive evidence of the likelihood of a mineral deposit; title to properties; and those factors described in the most recently
filed management’s discussion and analysis of the Company. Although the forward-looking statements contained in this news release
are based upon what management of the Company believes, or be lieved at the time, to be reasonable assumptions, the Company
cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors
that cause results not to be as anticipated, estimated or in tended. Accordingly, readers should not place undue reliance on forward -
looking statements and information. There can be no assurance that forward -looking information, or the material factors or
assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake to release
publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the
adequacy or accuracy of this news release.