PLACEMENT MOAMountain Lake closes $5.16-million private placement
Ticker Symbol: C:MOA
Mountain Lake closes $5.16-million private placement
Mountain Lake Resources Inc (C:MOA)
Shares Issued 36,086,438
Last Close 10/26/2010
.91
Thursday October 28 2010 - News Release
Mr. Gary Woods reports
MOUNTAIN LAKE COMPLETES BROKERED PRIVATE PLACEMENT FINANCING THROUGH SALMAN PARTNERS; $5.16 MILLION RAISED FOR THE EXPLORATION AND DEVELOPMENT OF THE COMPANY'S VALENTINE LAKE, GLOVER ISLAND AND LITTLE RIVER GOLD PROJECTS IN NEWFOUNDLAND, CANADA
Mountain Lake Resources Inc has completed the brokered private placement (the "Offering") through Salman Partners Inc. ("Salman") announced October 13, 2010. Salman placed a total of 4,917,260 "flow-through" common shares (the "Flow-Through Shares") of the Company at a price of $1.05 per Flow-Through Share for gross proceeds of up to $5,163,123.
Salman has received a cash commission of 7% of the gross proceeds raised.
The gross proceeds of the Offering will be used by Mountain Lake to fund exploration and development work on the Company's Valentine Lake, Glover Island and Little River projects, which are all located on the island of Newfoundland, Canada.
All securities issued in connection with this offering will be subject to a four-month hold period in accordance with securities regulation, until March 1, 2011.