Copper Road Announces Closing of Upsized Private Placement of $175,000

TORONTO, Oct. 20, 2023 (GLOBE NEWSWIRE) -- Further to its news release dated October 16, 2023, Copper Road Resources Inc. (TSXV: CRD) ("Copper Road" or the "Company") is pleased to announce the closing of its upsized non-brokered private placement of 1,750,000 flow-through units of the Company (each, an "FT Unit") at a price of $0.10 per FT Unit for gross proceeds of $175,000 (the "Offering"). Each FT Unit was comprised of one common share of the Company that was issued as a "flow-through share" (each, an "FT Share") within the meaning of the Income Tax Act (Canada) (the "Tax Act") and one common share purchase warrant (each warrant, a "Warrant"). Each Warrant shall entitle the holder to purchase one common share of the Company at a price of $0.15 at any time on or before October 20, 2025.

The Company intends to use the gross proceeds of the Offering on the exploration of the Company’s Copper Road project near Batchewana Bay, Ontario. The gross proceeds from the issuance of the FT Shares will be used for "Canadian Exploration Expenses" (within the meaning of the Tax Act) (the "Qualifying Expenditures"), and that qualify for the federal 30% Critical Mineral Exploration Tax Credit, which will be renounced with an effective date no later than December 31, 2023 to the purchasers of the FT Units in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares. If the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Company will indemnify each subscriber of FT Units for any additional taxes payable by such subscriber as a result of the Company’s failure to renounce the Qualifying Expenditures.

The Company also paid cash fees and issued finder warrants (each a "Finder’s Warrant") to an eligible finder equal to 7.0% of the aggregate gross proceeds raised, and 7.0% of the aggregate number of FT Units sold by such finder pursuant to the Offering. Each Finder’s Warrant entitles the holder to acquire one common share in the capital of the Company at a price of $0.10 for a period of 24 months following the closing of the Offering.

The securities issued pursuant to the Offering are subject to a statutory hold period of four months 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/gold deposits on the 21,000-hectare Batchewana Bay Project 80 km. north of Sault St. Marie, Ontario, Canada.