Convertible Debentures ConvertedTORONTO, ONTARIO--(Marketwired - Oct. 11, 2016) - Copper Lake Resources Ltd. (TSX VENTURE:CPL)(FRANKFURT:W0I) ("Copper Lake" or the "Company") is pleased to announce that $251,370 of convertible debentures issued to Marshall Lake Mining Limited (UK) on September 29, 2016 have been converted into units, consisting of common shares and common share warrants. The debentures were converted at the conversion rate of $0.055 per unit and resulted in the issuance of 4,570,363 common shares and 4,570,363 common share warrants. Each common share warrant entitles the holder to acquire one additional common share at a price of $0.055 for a period of four years from the date of issue.
Marshall Lake Mining Limited has informed the Copper Lake that the remaining convertible debentures of $98,630 and the 4,570,363 warrants received by Marshall Lake Mining Limited have now been allotted to third parties to settle liabilities in respect to the winding up of Marshall Lake Mining Limited.
Following this, Marshall Lake Mining Limited is beginning the process to distribute its entire holding of 38,993,301 common shares in Copper Lake to its ninety-four underlying UK shareholders.
Copper Lake shareholders may wish to note that Marshall Lake Mining Limited has voluntarily agreed to vote its shares with management for up to two years to protect the interests of all Copper Lake shareholders.
"We are very pleased that a significant portion of the $350,000 in convertible debentures issued to Marshall Lake Mining Limited has now been converted, signaling the start of the process of distributing Copper Lake shares down to individual shareholders of Marshall Lake Mining Limited," states Terry MacDonald, CEO of Copper Lake. "In addition, the early conversion will eliminate $30,000 in annual interest costs."
Read more at https://www.stockhouse.com/news/press-releases/2016/10/11/copper-lake-announces-early-conversion-of-convertible-debentures#hcrCGS8GA5jMBTDX.99