(TheNewswire)
PROVIDES UPDATE ON LEDUC GOLD PROJECT
Vancouver, British Columbia - TheNewswire - October 27, 2022: Leopard Lake Gold Corp. (the "Company" or "LeopardLake") (CSE:LP) is pleased to announce the closing of the firsttranche (the "First Tranche") of its non?brokeredprivate placement (the "Offering") through the issuance of372 units (each, a "Unit") at a subscription price of $805per Unit for gross proceeds of $299,460.
Each Unit consists of 4,500 "flow-through"common shares (each, an "FT Share"), 1,000"non-flow-through" common shares (each, a "Non-FTShare"), and 1,000 common share purchase warrants (each, a"Warrant"), with each Warrant entitling the holder thereofto purchase one "non-flow-through" common share in thecapital of the Company (each, a "Warrant Share") at anexercise price of $0.25 per Warrant Share for a period of 24 monthsfrom the closing of the First Tranche.
The proceeds raised from the issuance of the Units are intended to be used for exploration work onthe Company's projects and for general working capital . All securities issued in connection with the Offeringwill be subject to a four-month and one day hold period inCanada.
This news release does not constitute an offer of saleof any of the foregoing securities in the United States. None of theforegoing securities have been and will not be registered under theU.S. Securities Act of 1933, as amended (the "1933 Act") orany applicable state securities laws and may not be offered or sold inthe United States or to, or for the account or benefit of, U.S.persons (as defined in Regulation S under the 1933 Act) or persons inthe United States absent registration or an applicable exemption fromsuch registration requirements. This news release does notconstitute an offer to sell or the solicitation of an offer to buy norwill there be any sale of the foregoing securities in any jurisdictionin which such offer, solicitation or sale would be unlawful.
Leduc Gold Project Update
The Company also announces that it is preparing tocommence the Phase I exploration program on the Leduc Gold Project(the "Leduc Project"), as set out in the independenttechnical report prepared by Scot Halladay dated July 19, 2021 anddated effective July 19, 2021, and entitled " NI 43-101 Independent Technical Report onthe Leduc Gold Project for Leopard Lake Gold Corp., Beardmore,Ontario ". The Leduc Project covers anarea of approximately 2,290 hectares near Jellicoe, Ontario, and islocated within the Thunder Bay Mining Division.
Additionally, pursuant to the terms of the propertyoption agreement dated August 17, 2020 whereby the Company was grantedthe option (the "Option") to acquire a 100% interest in theLeduc Project, the Company has made the $20,000 cash payment due tothe optionor for 2022. If the Company decides to make a further$35,000 cash payment due in 2023 it will have exercised the Option infull and acquired a 100% interest in the Leduc Project (subject to a 1.5% net smelter returns royalty) .
About Leopard Lake Gold Corp.
Leopard Lake is engaged in the business of mineralexploration and the acquisition of mineral property assets in Canada,including the St-Robert Property, which is comprised of 4 miningclaims in Beauceville and 102 mining claims in the Riseborough andMarlow Townships in St. Robert Bellarmin, Quebec, and the Stellaproperty located in the Abitibi region of Northwestern Quebec, made upof 52 contiguous mining claims for a total of 2,987 hectares,approximately 65 kilometres east of the town of Val d-Or. Itsobjective is to locate and develop economic precious and base metalproperties of merit and to conduct its exploration program on theLeduc Gold Project. The Leduc Gold Project consists of 9 unpatentedmining claims (114 cells) which covers an area of approximately 2,290hectares near Jellicoe, Ontario, Canada, within the Thunder Bay MiningDivision.
On Behalf of Leopard Lake GoldCorp.
Robert Coltura
Chief Executive Officer andPresident
For further information, pleasecontact:
Robert Coltura
Chief Executive Officer and President
9285 203B Street
Langley, British Columbia
V1M 2L9
Phone: (604) 290-6152
Forward-Looking Statements:
This news release contains forward-looking statementsand forward-looking information (collectively, "forward lookingstatements") within the meaning of applicable Canadian and U.S.securities legislation. All statements, other than statements ofhistorical fact, included herein including, without limitation, statements about the expected use of proceedsfrom the Offering , the exercise of the Option infull, the commencement of exploration activities at the LeducProject , and the anticipated business plans andtiming of future activities of the Company, are forward lookingstatements. Although the Company believes that such statements arereasonable, it can give no assurance that such expectations will proveto be correct. Forward-looking statements are typically identified bywords such as: "believes", "will","expects", "anticipates", "intends","estimates", "plans", "may","should", "potential", "scheduled", orvariations of such words and phrases and similar expressions, which,by their nature, refer to future events or results that may, could,would, might or will occur or be taken or achieved. In making theforward-looking statements in this news release, the Company hasapplied several material assumptions, including without limitation,that the exploration program at the Leduc Project will be able toproceed in a timely manner, that there will be investor interest infuture financings, market fundamentals will result in sustainedprecious metals demand and prices, the receipt of any necessarypermits, licenses and regulatory approvals in connection with thefuture exploration and development of the Company's projects in atimely manner, the availability of financing on suitable terms for theexploration and development of the Company's projects and theCompany's ability to comply with environmental, health and safetylaws.
The Company cautions investors that any forward-lookingstatements by the Company are not guarantees of future results orperformance, and that actual results may differ materially from thosein forward-looking statements as a result of various factors,including, operating and technical difficulties in connection withmineral exploration and development activities, actual results ofexploration activities, the estimation or realization of mineralreserves and mineral resources, the inability of the Company to obtainthe necessary financing required to conduct its business and affairs,as currently contemplated, the timing and amount of estimated futureproduction, the costs of production, capital expenditures, the costsand timing of the development of new deposits, requirements for additional capital, future prices of preciousmetals, changes in general economic conditions, changes in thefinancial markets and in the demand and market price for commodities,lack of investor interest in future financings, accidents, labourdisputes and other risks of the mining industry, delays in obtaininggovernmental approvals, permits or financing or in the completion ofdevelopment or construction activities, risks relating to epidemics orpandemics such as COVID–19, including the impact of COVID–19 onthe Company's business, financial condition and results of operations,changes in laws, regulations and policies affecting mining operations,title disputes, the inability of the Company to obtain any necessarypermits, consents, approvals or authorizations, including by theCanadian Securities Exchange, the timing and possible outcome of anypending litigation, environmental issues and liabilities, and risksrelated to joint venture operations, and other risks and uncertaintiesdisclosed in the Company's latest Management's Discussion and Analysisand filed with certain securities commissions in Canada. All of theCompany's Canadian public disclosure filings may be accessed viawww.sedar.com and readers are urged to review these materials.
Readers are cautioned not to place undue reliance onforward-looking statements. The Company undertakes no obligation toupdate any of the forward-looking statements in this news release orincorporated by reference herein, except as otherwise required bylaw.
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