MANAGEMENT MOVING QUICKLY TO OBTAIN FUNDINGFOR DEVELOPMENT OF THEIR APPARENT MAJOR FIND ANNOUNCED YESTERDAY.
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[/Golden Lake Exploration Inc. has arranged a non-brokered private placement of up to 12 million units at a price of 45 cents per unit for aggregate gross proceeds of $5.4-million. Each unit will comprise one common share and one-half of one transferable share purchase warrant of the company. Each whole warrant will entitle the subscriber to purchase one warrant share for a 24-month period after the closing date at an exercise price of 60 cents per share. Net proceeds of the financing will be used to advance the corporation's Jewel Ridge gold property near Eureka, Nev., and for general working capital purposes.
Shares issued pursuant to the financing will be subject to a four-month hold period according to applicable securities laws of Canada.
Finders' fees may be payable on the private placement, subject to the policies of the Canadian Securities Exchangeb]"