Copper Road Closes $400,000 Private Placement
March 21 2023 - 4:30PM
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 5,000,000
units of the Company (each, a “
Unit”) at a price
of $0.08 per Unit for aggregate gross proceeds of $400,000 (the
“
Offering”). Each Unit was comprised of one common
share of the Company and one common share purchase warrant (each, a
“
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 24 months following the closing date of the
Offering.
The Company intends to use the net proceeds of
the Offering to further explore the Company’s properties, and for
working capital and general corporate purposes.
The securities issued pursuant to the Offering
are subject to a statutory four month and one day hold period. A
7.0% cash finder’s fee was paid to eligible finders on the sale of
Units sourced by such finders in accordance with the policies of
the TSX Venture Exchange.
Certain directors and management of the Company
(the “Insiders”) purchased an aggregate of 708,500
Units pursuant to the Offering. Participation by the Insiders in
the Offering was considered a “related party transaction” pursuant
to Multilateral Instrument 61- 101 – Protection of Minority
Security Holders in Special Transactions (“MI
61-101”). The Company was exempt from the requirements to
obtain a formal valuation or minority shareholder approval in
connection with the Insiders’ participation in the Offering in
reliance of sections 5.5(a) and 5.7(1)(a) of MI 61-101. A material
change report in connection with the participation of Insiders in
the Offering will be filed less than 21 days in advance of the
closing of the Offering, which the Company deemed reasonable in the
circumstances so as to be able to avail itself of potential
financing opportunities and complete the Offering in an expeditious
manner.
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/gold 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; the
completion of the Offering on the terms described herein, or at
all; 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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