Copper Lake Resources (TSX-V:CPL) has issued 46.96 million shares at its annual general meeting, which represents 17.36% of the total shares issued and outstanding shares.
Resolutions from the meeting included the re-election of directors to a total of five, as well as approving the company’s stock option plan and proposed common share consolidation.
Shareholders overwhelmingly voted in favour of the resolutions mentioned.
As recently reported by Mining.com.au, the aim of this consolidation was to better position Copper Lake to raise funds for its business plan, by enhancing the company’s overall marketability.
Copper Lake, which has a market capitalisation of C$1.35 million ($1.53 million), is currently trading at C$0.005 per share, with 270.5 million shares on issue.
Meanwhile, Director Jeffrey Malaihollo has resigned from his position as of last Friday (13 June), finishing up duties after nine years on the board to focus on other business interests.
With global educational experience, Malaihollo holds a PhD in Geological and Earth Sciences/Geosciences from the University of London, completing his undergraduate in Geological and Earth Sciences/Geosciences from the University of California.
Copper Lake is a Canadian mineral explorer, focused on development of necessary metals for a future energy transition in North West, Ontario.
Write to Maddison Elliott at Mining.com.au
Images: Copper Lake Resources
