Copper Lake Closes First Tranche of Non-Brokered Private Placement

Copper Lake Resources Ltd., a Canadian mineral exploration and development company, has closed the first tranche of its non-brokered private placement. The company raised $2,343,755 from selling 15,625,031 units at $0.15 each.

Each unit consists of one common share and one warrant to buy an additional share at $0.20 for 24 months. However, the warrants can be accelerated if the average closing price of Copper Lake's shares on the TSX Venture Exchange exceeds $0.40 for 15 consecutive trading days.

The net proceeds will be used for exploration at the Marshall Lake project and general working capital purposes. The second tranche is expected to close by October 14, 2026.