TORONTO, ONTARIO--(Marketwired - Sept. 26, 2016) - Copper Lake Resources Ltd. (TSX
VENTURE:CPL)(FRANKFURT:W0I) ("Copper Lake" or the "Company") announces that it has closed the non-brokered private placement of
flow-through units ("FT Units") and non flow-through units ("NFT Units"), collectively the "Financing", previously announced on
August 8, 2016 and September 13, 2016, and has applied to the TSX Venture Exchange for final approval of the Financing.
The Company has closed the second and final tranche of the Financing and, subject to regulatory approval, will issue 2,483,333
NFT Units at a price of $0.06 and 4,050,000 FT Units at a price of $0.06 for total gross proceeds of $392,000.
Each FT Unit consists of one Flow-through Common Share and one-half of one Common Share Purchase Warrant, with each full
Common Share Purchase Warrant being exercisable at $0.15 for two years. Each NFT Unit consists of one non flow-through
Common Share and one full Common Share Purchase Warrant, with each full Common Share Purchase Warrant being exercisable at $0.15
for two years. The Share Purchase Warrants will be subject to the right of the Company to accelerate the exercise if the
shares of the Company trade at or above $0.25 for a period of ten consecutive trading days.
Subject to regulatory approval the Company will pay a total of $9,920 in finder's fees and issue 98,667 broker warrants, with
each broker warrant entitling the holder to acquire one common share of the Company at a price of $0.15 for 24 months from
closing.
The net proceeds of the financing shall be used to progress exploration work on the Company's Marshall Lake property and for
general working capital.
About Copper Lake Resources
Copper Lake Resources Ltd. is a publicly traded Canadian company currently focused on advancing two significant properties
located in Ontario, Canada:
| 1. |
The Marshall Lake VMS copper, zinc, silver and gold property is an advanced exploration stage
property located 120 km north of Geraldton, Ontario via good all weather gravel road from the Trans-Canada Highway and just
22 km north of the main CNR rail line. |
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The Company has presently earned a 37.5% interest in the Marshall Lake property. Upon closing of
the previously announced acquisition of the additional 31.25% interest in the property, the Company will hold a 68.75%
interest, and will retain its original option to earn up to a 75% interest. |
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| 2. |
The Norton Lake nickel, copper, PGM property (69.79%) is located approximately 100 km north of the
Marshall Lake property. |
On behalf of Copper Lake Resources Ltd.
Terrence MacDonald, Interim CEO
www.copperlakeresources.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.