Copper Road Closes $400,000 Private Placement

TORONTO, July 27, 2023 (GLOBE NEWSWIRE) -- Copper Road Resources Inc. (TSXV: CRD) ("Copper Road" or the "Company") announces that is has completed its previously announced non-brokered private placement consisting of the sale of 71,426 units of the Company (each, a "Unit") at a price of $0.07 per Unit and 5,642,858 flow-through units of the Company (each, a "FT Unit") each at a price of $0.07 per FT Unit, for aggregate gross proceeds of approximately $400,000 (the "Offering"). Each Unit was comprised of one common share of the Company and one (½) of one common share purchase warrant (each, a "Warrant"). Each FT Unit was comprised of one common share of the Company issued as a "flow-through share" (each, a "FT Share") within the meaning of the Income Tax Act (Canada) (the “Tax Act”) and one half (½) of one Warrant. Each Warrant entitles the holder thereof to purchase one common share of the Company at a price of $0.15 for a period of 36 months the closing date of the Offering.

The Company intends to use the gross proceeds from sale of the FT Shares for exploration activities on the Company's key project located north of Sault St. Marie, Ontario, and to incur eligible Canadian Exploration Expenses (within the meaning of the Tax Act) that will qualify for qualify for the federal 30% Critical Mineral Exploration Tax Credit. The net proceeds raised pursuant to the sale of the Units will be used for general working capital purposes.

The Company also paid cash fees and issued finder warrants (each a “Finder’s Warrant”) to certain eligible finders equal to 7.0% of the aggregate gross proceeds raised, and 7.0% of the aggregate number of Units and FT Units sold, by such finders pursuant to the Offering. Each Finder’s Warrant entitles the holder to acquire one common share in the capital of the Corporation at a price of $0.15 for a period of 36 months following the closing of the Offering.

The securities issued pursuant to the Offering are subject to a statutory hold period of four month and one day.

About Copper Road

Copper Road Resources Inc. is a Canadian based explorer engaged in the acquisition, exploration, and evaluation of properties for the mining of precious and base metals. The Company is exploring for large copper dominant polymetallic deposits on the 21,000-hectare Batchewana Bay Project 80 km. north of Sault St. Marie, Ontario, Canada.