Mountain Lake Arranges Private Placement Financing
Proceeds of $500,000 to be raised
Halifax, Nova Scotia CANADA, July 26, 2010 /FSC/ - Mountain LakeResources Inc (MOA - TSX Venture, MLKRF - OTCBB_Pink_Sheets), (?MountainLake? or the ?Company?) is pleased to report that it has arranged aprivate placement of 1,000,000 units (collectively, the ?Units?) at
.50 per Unit to raise $500,000 in gross proceeds. Each Unit willconsist of one common share and one-half of a non-transferable sharepurchase warrant (collectively, the ?Warrants?). Each Warrant willentitle the holder to purchase one additional common share of theCompany at a price of
.75 per share for a period of two years from theclosing date. Mountain Lake will have the right to give notice to thewarrant holders to accelerate an earlier conversion of the Warrants, ifthe Company?s common shares, as traded on the TSX Venture Exchange,close above $1.25 per share for at least 10 consecutive tradingdays. In that event, the Warrants will expire 30 days after the Companyhas given notice of the accelerated conversion to the Warrant holders.
Completion of this financing is subject to the delivery ofdefinitive subscription agreements and TSX Venture Exchange?sacceptance. All of the securities issued pursuant to this offering willhave a hold period expiring four months after the closing date.
The net proceeds of this financing will be used to fund theCompany?s exploration and development work on its projects inNewfoundland, Canada and for general working capital purposes.
About Mountain Lake Resources Inc.
Mountain Lake Resources Inc. (TSX-V: MOA) is a diversified juniorexploration company, whose corporate strategy is to build shareholdervalue through the exploration and development of economically viablemineral properties. Mountain Lake?s current projects include: a 30%interest in the Valentine Lake gold property (Newfoundland) with anoption to acquire the remaining 70% interest from Richmont Mines Inc.and a subsequent sub-option and joint venture agreement whereby MarathonPGM Corp. can earn a 50% interest in the property; a 100% interest inthe Bobby?s Pond base metals property (Newfoundland); an option to earn a100% interest in the Little River gold exploration property(Newfoundland); and a 2,350,000 share (~6.4%) stake in Etruscan DiamondsLimited, an alluvial diamond project (South Africa). For moreinformation visit:
www.mountain-lake.com
For corporate, media, or investor inquiries, please contact:
Greg Lytle,
Lytle & Associates
Corporate Communications
North America toll-free: (866) 285-5817
International & Vancouver: (604) 839-6946
Email: info@mountain-lake.com
ON BEHALF OF THE BOARD OF DIRECTORS
s/?Gary Woods?
President & CEO
NEITHER THE TSX VENTURE EXCHANGE, NOR ITS REGULATION SERVICESPROVIDER (AS THAT TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE)ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWSRELEASE.
Source: Mountain Lake Resources Inc (TSX-V: MOA)
https://www.mountain-lake.com
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