Copper Road Resources Inc. (
TSXV: CRD)
("
Copper Road" or the "
Company")
announces that is has completed its previously announced
non-brokered private placement consisting of the sale of 71,426
units of the Company (each, a "
Unit") at a price
of $0.07 per Unit and 5,642,858 flow-through units of the Company
(each, a "
FT Unit") each at a price of $0.07 per
FT Unit, for aggregate gross proceeds of approximately $400,000
(the "
Offering"). Each Unit was comprised of one
common share of the Company and one (½) of one common share
purchase warrant (each, a "
Warrant"). Each FT Unit
was comprised of one common share of the Company issued as a
"flow-through share" (each, a "
FT Share") within
the meaning of the Income Tax Act (Canada) (the “
Tax
Act”) and one half (½) of one Warrant. Each Warrant
entitles the holder thereof to purchase one common share of the
Company at a price of $0.15 for a period of 36 months the closing
date of the Offering.
The Company intends to use the gross proceeds
from sale of the FT Shares for exploration activities on the
Company's key project located north of Sault St. Marie, Ontario,
and to incur eligible Canadian Exploration Expenses (within the
meaning of the Tax Act) that will qualify for qualify for the
federal 30% Critical Mineral Exploration Tax Credit. The net
proceeds raised pursuant to the sale of the Units will be used for
general working capital purposes.
The Company also paid cash fees and issued
finder warrants (each a “Finder’s Warrant”) to
certain eligible finders equal to 7.0% of the aggregate gross
proceeds raised, and 7.0% of the aggregate number of Units and FT
Units sold, by such finders pursuant to the Offering. Each Finder’s
Warrant entitles the holder to acquire one common share in the
capital of the Corporation at a price of $0.15 for a period of 36
months following the closing of the Offering.
The securities issued pursuant to the Offering
are subject to a statutory hold period of four month and one
day.
About Copper Road
Copper Road Resources Inc. is a Canadian based
explorer engaged in the acquisition, exploration, and evaluation of
properties for the mining of precious and base metals. The Company
is exploring for large copper dominant polymetallic deposits on the
21,000-hectare Batchewana Bay Project 80 km. north of Sault St.
Marie, Ontario, Canada.
Further Information
For further information regarding Copper Road, please
contact:
Mr. John Timmons, President/CEO and Director Copper Road
Resources Inc. Cellular (416) 931 2243 Email:
jtimmons@copperroad.ca Web: www.copperroad.ca
Cautionary Note Regarding Forward Looking
Information
This news release contains "forward-looking
information" and "forward-looking statements" (collectively,
"forward-looking statements") within the meaning of the applicable
Canadian securities legislation. All statements, other than
statements of historical fact, are forward-looking statements and
are based on expectations, estimates and projections as at the date
of this news release. Any statement that involves discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions, future events or performance (often but
not always using phrases such as "expects", or "does not expect",
"is expected", "anticipates" or "does not anticipate", "plans",
"proposed", "budget", "scheduled", "forecasts", "estimates",
"believes" or "intends" or variations of such words and phrases or
stating that certain actions, events or results "may" or "could",
"would", "might" or "will" be taken to occur or be achieved) are
not statements of historical fact and may be forward-looking
statements. In this news release, forward-looking statements relate
to, among other things, the proposed use of proceeds from the
Offering; the Company's objectives, goals and exploration
activities conducted and proposed to be conducted at the Company's
properties; future growth potential of the Company, including
whether any proposed exploration programs at any of the Company's
properties will be successful; exploration results; and future
exploration plans and costs and financing availability.
These forward-looking statements are based on
reasonable assumptions and estimates of management of the Company
at the time such statements were made. Actual future results may
differ materially as forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to
materially differ from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors, among other things, include: the expected
benefits to the Company relating to the exploration conducted and
proposed to be conducted at the Company's properties; the receipt
of all applicable regulatory approvals for the Offering; failure to
identify any mineral resources or significant mineralization; the
preliminary nature of metallurgical test results; uncertainties
relating to the availability and costs of financing needed in the
future, including to fund any exploration programs on the Company's
properties; fluctuations in general macroeconomic conditions;
fluctuations in securities markets; fluctuations in spot and
forward prices of gold, silver, base metals or certain other
commodities; fluctuations in currency markets; change in national
and local government, legislation, taxation, controls, regulations
and political or economic developments; risks and hazards
associated with the business of mineral exploration, development
and mining (including environmental hazards, industrial accidents,
unusual or unexpected formations pressures, cave-ins and flooding);
inability to obtain adequate insurance to cover risks and hazards;
the presence of laws and regulations that may impose restrictions
on mining and mineral exploration; employee relations;
relationships with and claims by local communities and indigenous
populations; availability of increasing costs associated with
mining inputs and labour; the speculative nature of mineral
exploration and development (including the risks of obtaining
necessary licenses, permits and approvals from government
authorities); the unlikelihood that properties that are explored
are ultimately developed into producing mines; geological factors;
actual results of current and future exploration; changes in
project parameters as plans continue to be evaluated; soil sampling
results being preliminary in nature and are not conclusive evidence
of the likelihood of a mineral deposit; title to properties; and
those factors described in the most recently filed management's
discussion and analysis of the Company. Although the
forward-looking statements contained in this news release are based
upon what management of the Company believes, or believed at the
time, to be reasonable assumptions, the Company cannot assure
shareholders that actual results will be consistent with such
forward-looking statements, as there may be other factors that
cause results not to be as anticipated, estimated or intended.
Accordingly, readers should not place undue reliance on
forward-looking statements and information. There can be no
assurance that forward-looking information, or the material factors
or assumptions used to develop such forward-looking information,
will prove to be accurate. The Company does not undertake to
release publicly any revisions for updating any voluntary
forward-looking statements, except as required by applicable
securities law.
Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this news
release.
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