Copper Lake Announces Non-Brokered Private Placement

TORONTO, Feb. 20, 2020 (GLOBE NEWSWIRE) -- Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: W0I) ("Copper Lake" or the "Company") announces that, subject to regulatory approval, the Company intends to complete a non-brokered private placement (the “Offering”) for aggregate gross proceeds of up to $132,500.  The Offering will be comprised of up to 2,500,000 Flow-Through Units (“FT Units”) at a price of $0.020 per FT Unit and 5,500,000 Non Flow-Through Units (“NFT Units”) at a price of $0.015 per Unit. Each FT Unit will consist of one flow-through common share and one full common share purchase warrant (a “Warrant”), with each Warrant being exercisable at $0.05 for two years.  Each NFT Unit will consist of one non flow-through common share and one full common share purchase warrant (a “Warrant”), with each Warrant being exercisable at $0.05 for two years.  The Offering is being made subject to the grant of a discretionary waiver of the TSX Venture Exchange’s (“TSXV”) minimum $0.05 pricing requirement (the “Waiver”).  The Offering is not subject to any minimum aggregate subscription.  Subject to certain limitations discussed below, the Offering is open to all existing shareholders of the Company as well as pursuant to other available prospectus exemptions.  The Offering is subject to TSXV final acceptance.

Assuming the Offering is fully subscribed, the Company intends to allocate the proceeds as follows: approximately $52,500 for current liabilities, $32,500 for general working capital purposes, and $50,000 for qualifying Canadian exploration expenditures on its Marshall Lake project.  The Company has previously raised a total of $367,500 under the discretionary waiver of the TSXV, and this Offering will bring the total to the $500,000 maximum available under the discretionary waiver.

Although the Company intends to use the proceeds of the Offering as described above, the actual allocation of net proceeds may vary from the uses set forth above, depending on future operations or unforeseen events or opportunities.  If the Offering is not fully subscribed, the Company will apply the proceeds of the Offering to the above uses in priority and in such proportions as the board of directors of the Company determine is in the best interests of the Company.