The company is looking to raise gross proceeds of up to $1.5 million from the placement of up to approximately 23.1 million (23,076,924) flow-through units priced at $0.065 per unit. The company is also looking to raise gross proceeds of up to $500,000 from the placement of up to 10 million non flow-through units priced a $0.05 per unit.
Additional Information:
Video Transcript:
I’m Cassandra Bolinski for Investmentpitch Media
Copper Lake Resources has announced two non-brokered private placements.
The company is looking to raise gross proceeds of up to $1.5 million from the placement of up to approximately 23.1 million flow-through units priced at $0.065 per unit.
The flow-through units consist of 1 share and one-half a warrant, with each full warrant exercisable at $0.10 for 24 months.
The company is also looking to raise gross proceeds of up to $500,000 from the placement of up to 10 million non flow-through units priced a $0.05 per unit.
The non flow-through units consist of 1 share and 1 warrant, with the warrant exercisable at $0.10 for 24 months.
The shares are currently trading at $0.05.
The proceeds will be used for exploration on the Marshall Lake property and for general working capital purposes.
The Marshall Lake high-grade VMS copper, zinc, silver and gold property, located 120 km north of Geraldton, Ontario, and just 22 km north of the main CNR rail line, comprises approximately 104 square kilometres and is accessible by all-season road from the Trans-Canada Highway.
The property also includes 148 claim cells staked in 2018 and 2020 that are 100% owned and not subject to any royalties, which add approximately 30 square kilometres to the property.
Copper Lake has an option to increase its interest to 87.5% from its current 75% interest subject to completing a bankable feasibility study.
The current consolidated land position has an extensive exploration history including historical resource estimates which are available in the 43-101 Technical Report on the Marshall Lake Property dated June 7, 2016 on the company’s website.
In addition to the original Marshall Lake property, Marshall Lake also includes the Sollas Lake and Summit Lake properties, which are 100% owned by the Company and are not subject to any royalties.
The Sollas Lake property consists of 20 claim cells comprising an area of 4 square km on the east side of the Marshall Lake property where historical EM airborne geophysical surveys have outlined strong conductors on the property hosted within the same favorable felsic volcanic units.
The Summit Lake property currently consists of 100 claim cells comprising an area of 20.5 square km, is accessible year round, and is located immediately west of the original Marshall Lake property.
Copper Lake has a 71.41% interest in the Norton Lake nickel, copper, cobalt, and palladium PGM property, located approximately 100 km north of the Marshall Lake Property in the southern Ring of Fire area.
The Norton Lake property has a NI 43-101 compliant Measured and Indicated resource of 2.26 million tonnes at 0.67% nickel, 0.61% copper, 0.03% cobalt and 0.46 grams per tonne palladium.
For more information, please visit the company’s website at www.CopperLakeResources.com, contact Terry MacDonald, CEO, 416-561-3626 or by email at tmacdonald@CopperLakeResources.com.
I’m Cassandra Bolinski for Investmentpitch Media
