- Copper Lake Resources (CPL) has closed the first tranche of a private placement for gross proceeds of $1,346,250
- The offering consists of 8,313,890 non-flow-through units and 5,980,000 flow-through units
- The net proceeds will be used primarily for exploration at the company’s Marshall Lake project
- Copper Lake Resources is a Canada-based exploration company
- Copper Lake Resources Ltd. (CPL) opened trading at C$0.08
Copper Lake Resources (CPL) has closed the first tranche of a private placement for gross proceeds of $1,346,250.
The offering consists of 8,313,890 non-flow-through units priced at $0.09 and 5,980,000 flow-through units priced at $0.10. Each non-flow-through unit consists of one common share and one share purchase warrant. Each flow-through unit consists of one flow-through share and one-half of one share purchase warrant. Each whole warrant entitles the holder to acquire one additional share for a period of 36 months from the closing date.
The warrants shall be subject to an acceleration clause.
The net proceeds will be used for exploration at the company’s Marshall Lake project and for general working capital.
The company will pay a cash finders’ fee of $61,688 and issue 665,195 finders’ warrants in conjunction with the first tranche.
Copper Lake Resources is a Canada-based exploration company focused on the exploration and development of mineral resource properties. It holds an interest in Norton lake property, Marshall lake property which is located in the north-northeast of Thunder Bay, Ontario.
Copper Lake Resources Ltd. (CPL) opened trading at C$0.08.