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LAKE WINN RESOURCES CORP. CLARIFIES DISCLOSURE IN PREVIOUS NEWS RELEASES AND ANNOUNCES PRIVATE PLACEMENT
Vancouver, British Columbia – March 27, 2023 – Lake Winn Resources Corp. (NEX: LWR.H, OTC: EQTXF) (the “Company”) is clarifying certain information included in its previous news releases.
Li Property
Further to its news release of January 1, 2023 detailing the commencement of certain work in preparation for a drill program in connection with the Company’s Li Lithium Property in the Northwest Territories (the “Li Property”), the Company announces that the timeline for the summer 2023 drill program has been extended, , and the only work contemplated for the next 6 months is the expenditure of $50,000 on a Squid magnetometer survey. Over the last two months, work done on the Li Property includes permit applications for future drilling. The Company is awaiting the completion of the Squid magnetometer survey which recommenced on March 15, while noting that 90% of the costs of this survey have already been paid. We also await the conclusion of a satellite radar study.
Cloud Project
The Company wishes to clarify that the Blueberry Property near Blueberry Lake, Manitoba as referenced in its news releases of January 9, 2023 and February 1, 2023 is one and the same as the “Cloud project” referenced in the Company’s most recently disclosed financial statements.
The Company announces that, further to its news release dated September 16, 2020 detailing the purchase and sale agreement between the Company and W.S. Ferreira Ltd. (“Ferreira Ltd.”) to acquire the Cloud Project (the “Cloud Purchase Agreement”), the Company has received an extension from Ferreira Ltd. until December 31, 2023 to pay the remaining cash consideration of $200,000 pursuant to the Cloud Purchase Agreement.
Pursuant to the Cloud Purchase Agreement, the Company has previously issued 500,000 common shares in the capital of the Company (“Shares”) to Ferreira Ltd., and issued 1,500,000 Shares to Ferreira Ltd. on December 29, 2022.
Quartz Property
The Company also announces that, further to its news release dated January 27, 2021 detailing the purchase agreement between the Company and Ferreira Ltd. to acquire the Quartz project near the Flin Flon gold belt, Manitoba (the “Quartz Purchase Agreement”), the Company has received an extension from Ferreira Ltd. until December 31, 2023 to pay the remaining cash consideration of $50,000 pursuant to the Quartz Purchase Agreement.
Private Placement
The Company is also pleased to announce that it will proceed with a non-brokered private placement (the “Offering”) of up to 4,200,000 units (the “Units”) at a price of $0.06 per Unit for proceeds of up to $252,000. Each Unit will consist of one common share in the capital of the Company (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof to purchase one additional Share at a price of $0.09 per Share for a period of 12 months from the date of issuance.
The Company may pay a finder’s fee on the Offering within the amount permitted by the policies of the NEX Board of the TSX Venture Exchange (the “Exchange”). All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
Proceeds of the Offering will be used for general working capital. The Company anticipates that the Offering will constitute the reactivation of the Company from the NEX Board under Exchange policies, and that upon closing, the Company will be listed on Tier 2 of the Exchange (the “Reactivation”). Closing of the Offering and the Reactivation is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including approval from the Exchange.
About Lake Winn
Lake Winn Resources Corp., is a Vancouver based gold and lithium company, listed on the NEX Board of the TSX Venture Exchange (Symbol: LWR.H) focusing on exploration and development of lithium and gold projects in Canada. The Company’s Li Property which hosts the Little Nahanni Pegmatite Group (LNPG) lithium-cesium-tantalum (LCT) pegmatite dykes that have been traced for over 13km. The property is located in the North West Territories and is 37km northwest of the recently closed tungsten mine (Cantung). A gated road that extends northwest from Cantung passes within 5km of the LNPG property.
The company’s flagship property, the Blueberry Property is in the province of Manitoba, in the Flin Flon Gold Belt approximately 40 kilometers northeast of the town of FlinFlon. Access to the property is provided by Manitoba highway 10 to the allweather Kississing Lake Road. The company also has the Quartz Property 76 kilometres east of Flin Flon where there are historic high grade gold drill intercepts.
On Behalf of the Board of Directors of Lake Winn Resources Corp.
Patrick Power
CEO and Director
Lake Winn Resources Corp. Telephone: (604) 218-8772
“Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.”
Forward-looking Statements: Certain statements in this press release are "forward-looking statements" which reflect the Company's current expectations and projections about future events and financial trends that it believes might affect its financial condition, results of operations, business strategy and financial needs. In some cases, these forward-looking statements can be identified by words or phrases such as "may", "might", "will", "expect", "anticipate", "estimate", "intend", "plan", "indicate", "seek", "believe", "estimates", "predicts" or "likely", or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including without limitation, those risks and uncertainties discussed elsewhere on the website at www.prosmartinc.com and in the Company's filings on SEDAR. Investors should not place undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date hereof and is not obligated to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.