Copper Lake Resources closes $5M private placement

Copper Lake Resources Ltd. (TSXV:CPL) recently closed the final tranche of its non-brokered private placement, raising a total of $4.999 million through the issuance of 33.333 million units at $0.15 per unit each. Each unit comprises one common share and one warrant, which allows holders to purchase an additional share at $0.20 per share for 24 months from the closing date.

The net proceeds from the private placement will primarily be used for exploration at the company's Marshall Lake project and general working capital purposes. Company insiders participated in the private placement by purchasing 1.473 million units. The transaction is subject to a four-month-and-one-day hold period under Canadian securities laws, with all securities pending final regulatory approvals.

Copper Lake Resources is a Canadian mineral exploration company with interests in two Ontario projects, with the Marshall Lake property being the primary focus of the company's exploration activities.

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