(TheNewswire)
Vancouver, British Columbia – TheNewswire - July 12, 2023 – Lake WinnResources Corp. (TSXV:LWR ) , ( OTC:EQTXF) (the “ Company ”) is pleased to announce that theCompany has initiated plans to spin-out (the “ Spin-Out ”) itsCloud and Quartz properties in Manitoba into a new explorationcompany, to be named Gold Winn Resources Corp. (“ Gold Winn ”). TheCompany intends to complete the Spin-Out by way of a Plan ofArrangement (the “ PoA ”) and apply for the listing of Gold Winnon a Canadian stock exchange (the “ Stock Exchange ”).In connection with the listing, it is intended that Gold Winn willcomplete one or more non-brokered private placements to fund generalworking capital. Full details of the Spin-Out, including anticipatedcapitalization structure and exchange ratio for the Company’sshareholders to receive shares of Gold Winn, will be outlined in asubsequent news release and in a management information circular to bedistributed to the Company’s shareholders. The transaction will besubject to shareholder, court, and applicable Stock Exchangeapproval.
About the Cloud Project
The Company acquired the Cloud Project on September 16, 2020 from W.S.Ferreira Ltd. (“ FerreiraLtd. ”). The Cloud Project is located in the Flin Flon GoldBelt and comprises of eight mining claims as well as an area ofinterest. The Company has drilled eight holes as part of a 1683 meterdrill program on the Cloud Project, completed in February of 2021.
About the Quartz Property
The Company acquired the Quartz Property on January 6, 2021 fromFerreira Ltd. The Quartz Property is located near the southern shoresof Rood, east of the Flin Flon Gold Belt and comprises of two miningclaims.
About Lake Winn
Lake Winn Resources Corp., is a Vancouver based goldcompany, listed on the TSX Venture Exchange (Symbol: LWR) focusing onexploration and development of gold projects in Canada. TheCompany’s flagship property, the Cloud Project is in the province ofManitoba, in the Flin Flon Gold Belt approximately 40 kilometersnorth?east of the town of Flin?Flon. Access to the property isprovided by Manitoba highway 10 to the all?weather Kississing LakeRoad. The company also has the Quartz property 76 kilometres east ofFlin Flon where there are historic high grade gold drill intercepts.
On Behalf of the Board of Directors of Lake WinnResources Corp.
Patrick Power
CEO and Director
Lake Winn Resources Corp.
Telephone: (604) 218-8772
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
Forward-lookingStatements: Certain statements in this pressrelease are "forward-looking statements" which reflect theCompany's current expectations and projections about future events andfinancial trends that it believes might affect its financialcondition, results of operations, business strategy and financialneeds. In some cases, these forward-looking statements can beidentified 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 similarexpressions intended to identify forward-lookingstatements. Whether actual results, performance or achievements willconform to the Company's expectations and predictions is subject to anumber of known and unknown risks, uncertainties, assumptions andother factors, including without limitation, statements regarding theCompany’s plans to complete the Spin-Out the anticipated name ofGold Winn, the transaction structure of the Spin-Out, the anticipatedlisting of Gold Winn on a Stock Exchange, the completion by Gold Winnof one or more non-brokered private placements, the distribution of amanagement information circular relating to the Spin-Out , theexpected benefits of the Spin-Out, the timing of the completion of theSpin-Out and any future results at the Company's projects areforward-looking statements that involve various risks anduncertainties. Investors should not place undue reliance onforward-looking information. Important factors that could cause actualresults to differ materially from the Company’s expectations includeactual exploration results, the ability to obtain requisite approvalsfor the Spin-Out, results of future resource estimates, future metalprices, availability of capital and financing on acceptable terms,general economic, market or business conditions, uninsured risks,regulatory changes, defects in title, availability of personnel,materials and equipment on a timely basis, accidents or equipmentbreakdowns, delays in receiving government approvals, unanticipatedenvironmental impacts on operations and costs to remedy same, andother exploration or other risks detailed herein and from time to timein the filings made by the Company with securities regulators. Theforward-looking information contained herein is made as of the datehereof and is not obligated to update or revise any forward-lookinginformation, whether as a result of new information, future events orotherwise, except as required by applicable securities laws.
Copyright (c) 2023 TheNewswire - All rights reserved.