Copper Road Closes $400,000 Private Placement
Copper Road Closes $400,000 Private Placement
TORONTO, July 27, 2023 (GLOBE NEWSWIRE) – 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 71,426 units of the Company (each, a "Unit") at a price of $0.07 per Unit and 5,642,858
flow-through units of the Company (each, a "FT Unit") each at a price of $0.07 per FT Unit, for aggregate gross
proceeds of approximately $400,000 (the "Offering"). Each Unit was comprised of one common share of the
Company and one (½) of one common share purchase warrant (each, a "Warrant"). Each FT Unit was comprised
of one common share of the Company issued as a "flow-through share" (each, a "FT Share") within the meaning
of the Income Tax Act (Canada) (the “Tax Act”) and one half (½) of one 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 36 months the closing
date of the Offering.
The Company intends to use the gross proceeds from sale of the FT Shares for exploration activities on the
Company's key project located north of Sault St. Marie, Ontario, and to incur eligible Canadian Exploration
Expenses (within the meaning of the Tax Act) that will qualify for qualify for the federal 30% Critical Mineral
Exploration Tax Credit. The net proceeds raised pursuant to the sale of the Units will be used for general working
capital purposes.
The Company also paid cash fees and issued finder warrants (each a “ Finder’s Warrant ”) to certain eligible
finders equal to 7.0% of the aggregate gross proceeds raised, and 7.0% of the aggregate number of Units and FT
Units sold, by such finders pursuant to the Offering. Each Finder’s Warrant entitles the holder to acquire one
common share in the capital of the Corporation at a price of $0.15 for a period of 36 months following the closing
of the Offering.
The securities issued pursuant to the Offering are subject to a statutory hold period of four month and one day.
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 dominant
polymetallic 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 d ate 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 pro ceeds 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; failure to identify any
mineral resources or significant mineralization; the preliminary nature of metallurgical test results; uncertainties relati ng 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 forwa rd 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 associate d 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 minin g 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 d eveloped 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 l ikelihood 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 mana gement of the Company believes, or
believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consis tent
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.