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October 23, 2023 – Toronto, ON – Copper Lake Resources Ltd. (TSX-V: CPL, Frankfurt: WOI, OTC: WTCZF) (“Copper Lake” or the “Company”) is pleased to announce the results from the Annual General and Special Meeting of Shareholders (“AGM”), the extension of certain warrants, and the granting of options.
Results of AGM
A total of 54,927,104 shares representing 23.21% of the total issued and outstanding shares at the record date of the AGM were voted.
Shareholders passed all resolutions set out in the management information circular of the Company dated September 19, 2022, including the re-election of the incumbent directors, setting the number of directors at five, and the approval of Copper Lake’s stock option plan as required annually by the TSX Venture Exchange. The percent of votes in favor of the various motions ranged from 99.98% to 87.72%.
Extension of Warrants
The Company intends to extend the exercise period for a total of 20,951,500 share purchase warrants, all of which are exercisable at $0.10 per common share (collectively, the “Warrants”). The warrants were issued pursuant to a private placement that closed in two tranches on April 15, 2021 and May 17, 2021 (see May 26, 2021 news release). The Company initially extended the expiry date to November 15, 2023 (see March 27, 2023 news release). The Company proposes to extend the expiry dates for both tranches of these Warrants such that the new expiry date for the Warrants will be July 15, 2024.
All other terms and conditions of the Warrants remain unchanged. The Warrant extension is subject to acceptance by the TSX Venture Exchange.
Granting of Options
The Company also announces that, effective October 23, 2023, it has granted an aggregate of 5,350,000 options to certain officers, directors and consultants of the Company in accordance with the Company’s current Stock Option Plan. Each option is exercisable into one common share of the Company at a price of $0.05 per share for a period of five years from the date of grant, being today. The options will vest immediately. The common shares issuable upon exercise of the options are subject to a four-month hold period from the original date of the grant.
On behalf of the Board of Directors,
Copper Lake Resources Ltd.
Terry MacDonald, CEO