Copper Lake Resources closes first tranche of private placement

Copper Lake Resources Ltd. (TSXV: CPL) (FSE: W0I0) (OTC Pink: WTCZF) has closed the first tranche of a non-brokered private placement, issuing 15,625,031 units at $0.15 per unit for gross proceeds of $2,343,755, according to a press release dated October 2, 2026.

Each unit consists of one common share and one warrant, with each warrant allowing the holder to purchase one additional common share at $0.20 for 24 months from the closing date. The warrants include an accelerated expiry clause: if the weighted average closing price of the common shares on the TSX Venture Exchange exceeds $0.40 for 15 consecutive trading days after the four-month-and-one-day hold period, the company may shorten the warrant expiry to 30 days following a press release announcement.

The company said net proceeds will be directed toward exploration at its Marshall Lake project in Ontario and for general working capital. A second and final tranche is expected to close by October 14, 2026.

The placement remains subject to regulatory approvals, including from the TSX Venture Exchange. All securities issued carry a hold period of four months and one day from the date of issuance under Canadian securities law.

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