Hy Lake Gold Closes Non-Brokered Private PlacementToronto, Ontario CANADA, November 22, 2010 /FSC/ - Hy Lake Gold Inc. (HYL - CNSX, HYK - FWB), is pleased to announce the closing, on November 19, 2010, of a non-brokered private placement of 2,000,000 Units of the Company at
.30 per Unit for gross proceeds of $600,000.00.
Each Unit consists of one common share and one common share purchase warrant, each warrant entitling the holder to purchase one additional common share of Hy Lake Gold at a price of
.50 for a period of 24 months from the date of closing. If, after the date that is twelve months following the closing date, the common shares of Hy Lake Gold close at $1.00 or more for 20 consecutive trading days, then the warrant term shall be automatically reduced to 30 days from the date that the Company provides the holders of warrants with written notice of the new expiry date (the "Acceleration Right").
Proceeds of the financing will be used for general working capital purposes and to assist the Company in qualifying the common shares of Hy Lake Gold for listing on the TSX Venture Exchange.
About Hy Lake Gold Inc.
Hy Lake Gold is a well financed, Toronto-based mineral exploration company focused on the gold exploration and development business in the prolific Red Lake Mining District of Northwestern Ontario, Canada. Hy Lake Gold has assembled several significant property packages totalling approximately 3,300 hectares in west Red Lake. The properties cover a 12 kilometre distance along the west Red Lake Trend, containing 3 former producing gold mines, and the Company continues to explore these properties both along strike and at depth. To find out more about Hy Lake Gold Inc. (CNSX: HYL; FRANKFURT: HYK) visit our website at www.hylake.com.
Shares Issued: 36,316,195 after taking into account the completion of this financing.
On behalf of the board:
Mr. Robert B. Seitz, President & CEO
office@hylake.com