21:36:19 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Copper Lake Resources Ltd
Symbol CPL
Shares Issued 38,266,282
Close 2015-07-29 C$ 0.045
Market Cap C$ 1,721,983
Recent Sedar Documents

Copper Lake property agreements receive TSX-V approval

2015-07-29 20:47 ET - News Release

Mr. Ronald Coombes reports

COPPER LAKE RECEIVES TSX.V APPROVAL FOR ACQUISITION OF NORTON LAKE INTEREST AND FOR EXTENSION OF MARSHALL LAKE EARN-IN OPTION

Copper Lake Resources Ltd. has received final approval from the TSX Venture Exchange regarding the following previously announced agreements:

  • Agreement to purchase an additional 9.09 per cent in its Norton Lake property from White Metal Resources Corp. (see news release dated June 29, 2015);
  • Agreement to extend its earn-in option on the Marshall Lake property until July 15, 2017 (see news release dated July 16, 2015).

The Norton Lake agreement

Copper Lake will issue two million common shares from treasury to White Metal Resources as consideration for the purchase. White Metal will also agree to vote its shares as directed by Copper Lake's management for a 24-month period following issuance. There are no other conditions. The company now holds a 69.79-per-cent interest in the Norton Lake property.

The Marshall Lake agreement

In consideration for the extension, the company will issue 500,000 common shares from treasury to each of Marshall Lake Mining Ltd. and Rainy Mountain Royalty Corp. There are no other conditions.

Copper Lake currently holds a 37.50-per-cent interest in the Marshall Lake property, while each of the optionors currently hold a 31.25-per-cent interest. Copper Lake can earn up to a 50-per-cent interest in the property by spending an additional $1-million by July 15, 2017.

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