Older April 8th News
Mountain Lake closes $1.26M tranche of placement
2019-04-08 07:04 ET - News Release
Mr. Paul Smith reports
MOUNTAIN LAKE ANNOUNCES CLOSING OF SECOND TRANCHE OF ONGOING FINANCING
Further to its press releases dated March 15, 2018, June 8, 2018, July 12, 2018, and July 17, 2018, Mountain Lake Minerals Inc. has closed a further tranche of its non-brokered private placement of units at a price of 30 cents per unit.
An aggregate of 4,202,665 units were sold in this second tranche of the placement generating aggregate gross proceeds of $1,260,799.50. Each unit consisted of one postconsolidation common share of the company and one-half of one share purchase warrant to acquire a further postconsolidation common share at a price of 50 cents per share until March 29, 2020.
No finders' fees were paid in association with the second tranche. The securities issued pursuant to the second tranche bear a hold period expiring on July 30, 2019, in accordance with application securities laws.
The proceeds of the second tranche will be utilized to finance the company's continuing expenses relating its proposed acquisition transactions with ACMPR (Access to Cannabis for Medical Purposes Regulations) licence applicant holder, 1157630 B.C. Ltd., and proposed spinoff of its mining assets as well as to provide working capital to the company's subsidiary in relation to the spinoff. The remaining tranches of the placement will either be completed concurrently with the transaction or as a subscription receipt financing, with each such subscription receipt being issued at a price of 30 cents per subscription receipt, with the proceeds thereof being held in escrow pending completion of the transaction, following which the subscription agreements would be deemed to be exchanged, without payment of additional consideration, into units.
Trading in the common shares of the company has been halted since June 7, 2018, and is expected to remain halted pending satisfaction of applicable requirements of the Canadian Securities Exchange. There can be no assurance that trading in the common shares of the company will resume. The company anticipates distributing a management information circular in respect of the transaction and spinoff soon.
About Mountain Lake Minerals Inc.
Mountain Lake Minerals is a junior exploration company exploring for precious metal deposits. Mountain Lake's current projects are located on the pro-mining island of Newfoundland and include: a 100-per-cent interest in high-grade gold and massive sulphide occurrences along the Glover Island mineral trend in Newfoundland, a 100-per-cent interest in the Little River high-grade gold exploration property, and a 100-per-cent option agreement on Caledonia Brook.
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