Copper Lake Resources plans private placement for up to $5M

Copper Lake Resources Ltd. (TSXV:CPL) has announced plans to conduct a private placement financing for up to $5 million through the issuance of 33,333,333 units at a price of $0.15 per unit. Each unit consists of one common share and one warrant, with the warrants allowing the holder to purchase an additional common share at $0.20 for a period of 24 months from the closing date.

The warrants come with an accelerated expiry clause, which would enable the company to shorten the expiry period to 30 days if the weighted average closing price of common shares on the TSX Venture Exchange surpasses $0.40 for 15 consecutive trading days after a four-month-and-one-day hold period. The private placement is subject to approval from the TSX Venture Exchange and other regulatory bodies.

The net proceeds from the financing will be allocated to exploration at the company's Marshall Lake project, located 120 km north of Geraldton, Ontario, and for general working capital purposes. Copper Lake Resources is a Canadian mineral exploration and development company with interests in two Ontario projects, the Marshall Lake and Norton Lake properties.

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