RE: SP and Mountain Lake...Newshey w1, hope the box you are looking at is full of chocolates.
The following News is very interesting...No cash payments being made to Scarsdale, this would indicate the the issue is already placed. Also very interesting to see that it is being bought in the US. I think this is a first for MOA. Must be some very good reason that little old MOA has been discovered by some big players.
Also remember the last financing MOA did was a $2MM loan from Sprott with only 1MM shares of ED offerd as secutity. MOA appears to put their shareholders' interests first. Still only about 25MM shares outstanding. This small number will have a big payback in time...C.Gert
Mountain Lake arranges $1.2-million financing
2008-02-20 09:48 ET - News Release
Mr. Gary Woods reports
MOUNTAIN LAKE ANNOUNCES PRIVATE PLACEMENT
Mountain Lake Resources Inc. has engaged Scarsdale Equities LLC as the exclusive agent in connection with a brokered private placement to raise $1.2-million. Under the terms of the offering, Scarsdale will place two million common share units of the company.
Each unit will be offered at a price of 60 cents, and will consist of one common share and one-half of one common share purchase warrant, with each full warrant exercisable at a price of 75 cents per common share for a period of 24 months following the close of the offering.
Upon closing of the offering, Scarsdale will receive a commission of 7 per cent of the gross proceeds raised, payable in units of the company on the same terms as the units of the offering.
The net proceeds from the offering will be used to finance the company's 2008 exploration and development programs, and for general working capital purposes.
The offering is subject to TSX Venture Exchange approval. All securities issued in connection with this offering will be subject to a four-month hold period in accordance with securities regulation.
About Scarsdale Equities
Scarsdale Equities is a registered broker/dealer, SPIC and FINRA member firm, headquartered in New York. The firm serves as a placement agent in private securities transactions, and participates in public offerings both as an underwriter and in selling groups. Corporate finance activities are concentrated in mining, energy and energy services, and health care. For more information visit the Scarsdale website.
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