- Copper Lake Resources (CPL) has closed the first tranche of its non-brokered $2M private placement financing for gross proceeds of $758,285
- Under the first tranche, the company issued 8,921,000 units for $0.085 per unit
- The net proceeds of the financing will be used for exploration expenditures at the company’s Marshall Lake project
- Copper Lake Resources is a Canadian mineral exploration and development company with interests in the Marshall Lake and Norton Lake projects in Ontario
- Copper Lake Resources Ltd. (CPL) opened trading at C$0.08
Copper Lake Resources (CPL) has closed the first tranche of its non-brokered $2M private placement financing for gross proceeds of $758,285.
Under the first tranche, the company issued 8,921,000 units for $0.085 per unit. Each unit includes one flow-through common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one additional non-flow-through common share at a price of $0.15 for a period of three years from the closing date of the offering.
The warrants are subject to an acceleration clause.
The net proceeds of the financing will be used for exploration expenditures at the company’s Marshall Lake project.
The company will pay a cash finders’ fee of $45,497 and issue 535,260 finders’ warrants.
All securities issued will be subject to a statutory four-month hold period.
Copper Lake Resources is a Canadian mineral exploration and development company with interests in the Marshall Lake and Norton Lake projects in Ontario.
Copper Lake Resources Ltd. (CPL) opened trading at C$0.08.