TORONTO, ONTARIO -- (Marketwired) -- 07/27/16 -- Copper Lake Resources Ltd. (TSX VENTURE: CPL)(FRANKFURT: W0I) ("Copper Lake" or the "Company") is pleased to announce the voting results from its 2016 Annual General and Special Meeting of Shareholders held in Toronto, Ontario on July 26, 2016.
The number of Directors was set at five, and the nominees listed in to the Information Circular were elected as Directors. Shareholders also approved the re-appointment of PricewaterhouseCoopers LLP as auditors, and approved the 10% rolling stock option plan. Finally, the shareholders approved the purchase agreement with Marshall Lake Mining Limited whereby the Company will acquire Marshall Lake Mining Limited's remaining 31.25% interest in the Marshall Lake property, located in Ontario. In consideration, the Company will issue to Marshall Lake Mining Limited a total of 34,422,938 common shares and a total principal amount of $350,000 of unsecured subordinated convertible debentures.
Detailed results of the votes for the resolutions are as follows:
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% Votes
For % Votes Withheld % Votes Against
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Number of Directors 100.00 0.00 0.00
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Terrence MacDonald 100.00 0.00 0.00
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Gary O'Connor 100.00 0.00 0.00
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Edward Yurkowski 100.00 0.00 0.00
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Paul McGroary 100.00 0.00 0.00
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Jeffery Malaihollo 100.00 0.00 0.00
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Appointment of Auditors 100.00 0.00 0.00
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Approval of Stock Option Plan 99.95 0.00 0.05
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Approval of Purchase Agreement 99.95 0.00 0.05
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About Copper Lake Resources
Copper Lake Resources Ltd. is a publicly traded Canadian company currently focused on advancing two significant properties located in Ontario, Canada:
1. The Marshall Lake VMS copper, zinc, silver and gold property is an
advanced exploration stage property located 120 km north of Geraldton,
Ontario via good all weather gravel road from the Trans-Canada Highway
and just 22 km north of the main CNR rail line.
The Company has presently earned a 37.5% interest in the Marshall Lake property. Upon closing of the acquisition of the additional 31.25% interest in the property, the Company will hold a 68.75% interest, and will retain its original option to earn up to a 75% interest.
2. The Norton Lake nickel, copper, PGM property (69.79%) is located
approximately 100 km north of the Marshall Lake property.
On behalf of Copper Lake Resources Ltd.
"Terrence MacDonald", Interim CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Terrence MacDonald
416-561-3626
