Copper Road Closes $400,000 Private Placement
Copper Road Closes $400,000 Private Placement
TORONTO, March 21, 2023 -- Copper Road Resources Inc. (TSXV: CRD) (“Copper Road” or the “Company”) announces that
is has completed its previously announced non-brokered private placement consisting of the sale of 5,000,000 units of the
Company (each, a “Unit”) at a price of $0.08 per Unit for aggregate gross proceeds of $400,000 (the “ Offering”). Each Unit
was comprised of one common share of the Company and one common share purchase warrant (each, a “ Warrant ”). Each
Warrant entitles the holder thereof to purchase one common share of the Company at a price of $0.15 for a period of 24
months following the closing date of the Offering.
The Company intends to use the net proceeds of the Offering to further explore the Company’s properties, and for working
capital and general corporate purposes.
The securities issued pursuant to the Offering are subject to a statutory four month and one day hold period. A 7.0% cash
finder’s fee was paid to eligible finders on the sale of Units sourced by such finders in accordance with the policies of the TSX
Venture Exchange.
Certain directors and management of the Company (the “Insiders”) purchased an aggregate of 708,500 Units pursuant to the
Offering. Participation by the Insiders in the Offering was considered a “related party transaction” pursuant to Multilateral
Instrument 61- 101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company was exempt
from the requirements to obtain a formal valuation or minority shareholder approval in connection with the Insiders’ participation
in the Offering in reliance of sections 5.5(a) and 5.7(1)(a) of MI 61-101. A material change report in connection with the
participation of Insiders in the Offering will be filed less than 21 days in advance of the closing of the Offering, which the
Company deemed reasonable in the circumstances so as to be able to avail itself of potential financing opportunities and
complete the Offering in an expeditious manner.
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.copperroad.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, 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 proposed use
of proceeds from the Offering; 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; the 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 financing 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 metals 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 exploration, 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 regulations 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 that properties
that are explored are ultimately developed into producing mines; geological factors; actual results of current and future
exploration; changes in project parameters as plans continue to be evaluated; soil sampling results being preliminary in nature
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 believed 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 intended.
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.