Douglas Lake to Proceed with East African Fund Raising Initiative for Phase -2 Exploration Program
2012-01-25 12:00 ET - News Release
VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 01/25/12
Douglas Lake Minerals Inc. (the "Company" or "Douglas Lake") (OTCBB:DLKM) DLKM is pleased to announce that it shall be proceeding with its previously proposed Tanzanian and East African fund raising initiative for the next phase (phase 2) of the exploration program on its 800 sq. km. prime property in the Handeni District of Tanzania.
The decision to proceed with this funding initiative follows the successful diamond drill hole intersection of significant amounts of gold on the first two out of its potential targets being explored and drilled during 2011/2012, rendering further exploration on these and other targets meaningful.
Local and regional participation from selected individuals and institutions will certainly help to sustainably protect the Company's asset. During 4TQTR-11 the Company's Chairman informed the shareholders that the Board and management were investigating the possibility of creatively and strategically spreading the shareholder base beyond North America.
"We are indeed humbled by the strong interest from selected institutions and high net worth individuals from Tanzania and the East African sub region for the planned non-discounted share offer from DLKM" says Dr. Reyno Scheepers, President and CEO of Douglas Lake. "Initial responses clearly indicate that raising up to 15m USD well before end 2QTR12 is realistic".... he continued.
Dr Douglas Boateng, the former CEO and director of Douglas Lake, shall be spearheading the project on behalf of the Company and will be working closely with an already identified lead advisory firm on this ground-breaking initiative.
The Company is also planning to announce other internal value adding initiatives, further noteworthy findings and additional drill results on its 800 sqkm property in the coming weeks.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities. The securities to be offered and sold have not been registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration under the Securities Act and applicable state securities laws.