Copper Lake Resources Ltd announces non-brokered private placement of up to 30,000,000 Non Flow-Through Units (?NFT Units?) at a price of CAD 0.025 per NFT Unit for gross proceeds of CAD 750,000 and up to 70,00,000 Flow-Through Units (?FT Units?) at a price of CAD 0.025 per FT Unit for a gross proceeds of CAD 1,750,000 on November 17, 2023. Each NFT Unit is comprised of one common share and one Common Share purchase warrant. Each FT Unit is comprised of one Flow-Through common share and one-half of one Common Share purchase warrant.

Each Warrant entitles the holder to acquire one additional share at an exercise price of CAD 0.10 per Common Share. Warrants issued as part of the NFT Units will be exercisable for a period of 36 months from the closing date. Warrants issued as part of the FT Units will be exercisable for a period of 24 months from the closing date.

Closing of the proposed private placement is subject to obtaining all required approvals, including the approval of the TSX-V and any other regulatory approval. All securities issued pursuant to the private placement will be subject to a hold period of four months and one day from the date of issuance under applicable securities laws. The closing of the placement is expected to occur on December 7, 2023.