Golden Lake Exploration Inc C.GLM

INFO

[FREEDOM55]

GOLDEN LAKE EXPLORATION ANNOUNCES FINANCING CLOSED Vancouver, British Columbia – March 5th , 2021 – Golden Lake Exploration Inc. (CSE: GLM) (“GLM” or the “Company”) (GOLXF-OTC) is pleased to announce that further to its press release dated February 23, 2021, the Company has closed the non-brokered private placement with a lead order from Mr. Eric Sprott, through his company 2176423 Ontario Ltd. The Company issued 22,305,404 units (the "Units") at a price of $0.45 per Unit for aggregate gross proceeds of $10,037,431.80. Each Unit is comprised of one common share ("Share") and one half of one transferable common share purchase warrant of the Company ("Warrant"). Each whole Warrant will entitle the Subscriber to purchase one Warrant Share for a 24-month period after the Closing Date at an exercise price of $0.60 per share. Mr. Sprott, through 2176423 Ontario Ltd., a corporation that is beneficially owned by him, acquired 4,444,444 units at $0.45 each for consideration of approximately $2,000,000, pursuant to the private placement. As a result, Mr. Sprott beneficially owns and controls 4,444,444 common shares of the company and 2,222,222 share purchase warrants, representing approximately 7.5% of the issued and outstanding common shares on a non-diluted basis and approximately 10.9% of the issued and outstanding common shares on a partially diluted basis assuming exercise of the warrants acquired hereunder forming part of the units. Prior to the current acquisition, Mr. Sprott did not beneficially own or control any securities of the Company. The units were acquired by Mr. Sprott through 2176423 Ontario Ltd. for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire or sell additional securities of the company, including on the open market or through private transactions, in the future depending on market conditions, reformulation of plans and/or other relevant factors. A copy of Mr. Sprott’s early warning report with respect to the foregoing will appear on the company’s profile on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com and may also be obtained by calling Mr. Sprott’s office at [phone] (2176423 Ontario Ltd., 200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1). Proceeds raised will be used for advancing the Company’s Jewel Ridge property in Nevada as well as for general working capital. Finders’ fees of $406,216.46 cash and 902,701 finders’ warrants were paid to arm’s length parties.Shares issued pursuant to the Financing will be subject to a four-month hold period according to applicable securities laws of Canada. About Golden Lake Exploration Inc. Golden Lake Exploration Inc. is a junior public mining exploration company engaged in the business of mineral exploration and the acquisition of mineral property assets. Its objective is to acquire, explore and develop economic precious and base metal properties of merit and to aggressively advance its exploration program on the Jewel Ridge property. ON BEHALF OF THE BOARD “Mike England” Mike England, CEO&DIRECTOR FOR FURTHER INFORMATION PLEASE CONTACT: Telephone: [phone] TollFree:1-888-945-4770 The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

[BlueChipper2020]

WOW. They actually raised $10M which is way more than the 5.4M originally announced. Unless I missed something?  Sprott in all the way. Nice to see.  GLTA

[FREEDOM55]

You are correct 10 MILLION!

[lifegoeson]

BlueChipper, I was lucky to buy stock on Friday below the strike price of the PP at $0.45. And yes, they just announced $10 M raise with Sprott as lead investor. There will be a lot happening here and certainly I don't think this is a time to be selling.  Here is likely the reason Sprott said we need to raise a lot of money and drill this excellent property..... Good Luck... GOLDEN

[BlueChipper2020]

Lifegoeson, , What is interesting is how the original $5.4M financing ended up being $10M raised. In addition, with 22.3M units there are 1/2 warrants and 900K finders warrants which will soon be in the money.  That is about 12M warrants with an exercise price of just $0.60 yielding the company an additional $7M. With such a small float, the stock price should blow through that level and

[lifegoeson]

BlueChipper.... 1.4 M shares passed hands today, I suspect much of this selling is from people who don't want to wait, so they exit and look for other plays. Bottom line in my opinion, $10 M raise at $0.45 can only mean good things to come to those who wait. Patience my friends, this just has to be getting started.... little shakeout of loose stock today.

[DiscoveryVG]

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