Copper Lake Resources Ltd. has closed its unit offering for aggregate gross proceeds of C$1.0 million, supporting exploration at its Marshall Lake project in Ontario while awaiting final approval from the TSX Venture Exchange.

The financing comprises units priced at C$1,000 each, pairing a C$1,000 principal amount secured non-convertible debenture with common share purchase warrants. The debentures bear interest at 15% per annum, mature in 12 months, and constitute direct secured obligations ranking pari passu while backed by a general security interest over substantially all company assets. The placement issued 5,263,156 warrants calculated at an exercise price of C$0.19 per common share, with each warrant exercisable for 12 months. All securities are subject to a four-month and one-day statutory resale restriction.

An insider participated in the offering by acquiring C$250,000 in principal amount of debentures, constituting a related party transaction under Multilateral Instrument 61-101. Copper Lake relied on exemptions from formal valuation and minority shareholder approval requirements as the participation value did not exceed 25% of the company's market capitalization.

Copper Lake intends to direct the net proceeds toward advancing exploration at the Marshall Lake project, strengthening working capital, settling outstanding obligations, and funding general corporate requirements. The company holds an 82.97% joint venture interest in the Marshall Lake property, complemented by the 100% owned Sollas Lake and Summit Lake properties. Exploration across the project operates within a collaboration framework established through exploration agreements signed in February 2025 with the Aroland and Animbiigoo Zaagi'igan Anishinaabek First Nations.

Read the full announcement: Copper Lake Announces C$1.0 Million Secured Debenture Financing