(TheNewswire)
Vancouver, British Columbia, July 3, 2024. - TheNewswire - LexstonMining Corporation (the “Company” or “Lexston” ) (CSE:LEXT) (OTCQB: LEXTF) (Frankfurt: W5G) wishes tomake the following statements regarding certain market activitysurrounding its common shares (the” Shares”) traded on the OTCQB market pursuant to the request of OTC MarketsGroup Inc. (“OTC Markets”).
1. Company’s fullunderstanding of the promotional activities is:
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a) The Company became aware of thepromotional activities on June 28, 2024.
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b) The effect of the promotionalactivities on the trading activity of the Company’s security. The Shares of the Company started trading onthe OTCQB market on May 17, 2024. On June 28, 2024, a newsletter was brought to the attention of theCompany by OTC Markets. The Company observed increased tradingvolumes of the Shares on the OTCQB market on May 28, 2024, June 18,2024, June 20, 2024, June 21, 2024, June 25, 2024, June 26, 2024, June27, 2024 and June 28, 2024. The newsletterdated June 27, 2024, was not authorized or reviewed by the Company andpromotes the shares of the Company as well as shares of certain otherentities mentioned in the newsletter. The effect of the newsletteron the trading activity of the Company’s shares is not clear.
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c) A clear description of thesource and content of the promotional activities. The source of thepromotional materials was the newsletter disseminated by PrimetimeProfiles. While the Company agrees with the identification of themineral properties of the Company, the newsletter included information and promotional language that wentbeyond the factual statements in the Company's news releases. TheCompany is a junior exploration company and, as such cannot provideany assurance with respect to the future growth of value for itsshareholders. Investment in the shares of the Company is highlyspeculative.
2. The Company, its officers and directors were notinvolved directly or indirectly with the creation, payment, ordistribution of this newsletter.
3. The management of the Company did not review thenewsletter before it was brought to the attention of the Company byOTC Markets. The newsletter presented some factual statementsregarding the Company, its business and industry, seemingly drawn fromthe Company's news releases. While the Company agrees with the factualstatements in the newsletter that were based on prior news releases,the newsletter included information and promotional language that wentbeyond the factual statements in the Company's news releases. TheCompany had no editorial control over the content in the newsletterand is unaware of the full nature of the advertising activity or theresponsible parties.
4. TheCompany made inquiries and confirms that it is not aware of anydirectors, officers or shareholders owning 10% or more of theCompany's Common Shares, that may have directly or indirectly beeninvolved in any way with the creation or distribution of thenewsletter. The Company was informed that its service providerHillside Consulting and Media Inc., made a payment in the amount of$45,000 USD to Primetime Profiles to disseminate publicly availableinformation about the Company. The Company was informed thatHillside Consulting Media Inc. and Primetime Profiles are not relatedentities.
5. The following is the information with respect tothe purchase and/or sale of securities of the Company by directors,officers, insiders controlling shareholders and any third-partyservice providers known to the Company duringthe last 90 days. Hillside Consulting and Media Inc., a third-partyservice provider purchased 150,000 common shares. Mr. Bal, the CEOof the Company, purchased 1,000,000 units (consisting of 1 share andone share purchase warrant) pursuant to the last private placement,exercised 150,000 stock options and sold 1,010,500 common shares. Mr. Manhas, the CFO of the Company, purchased 166,667 units(consisting of 1 share and one share purchase warrant) pursuant to thelast private placement. Mr. Sharples, a director of the Company,purchased 806,667 units (consisting of 1 share and one share purchasewarrant) pursuant to the last private placement and sold 755,000common shares. Mr. Garland, a director of a subsidiary of theCompany, purchased 100,000 units (consisting of 1 share and one sharepurchase warrant) pursuant to the last private placement. Mr. Bal,Mr. Manhas, Mr. Sharples and Mr. Garland have reported theirtransactions on SEDI in compliance with insider reporting requirementsunder applicable securities laws. All directors, officers andreporting insiders are required to report their purchases and sales ofCompany securities on SEDI, and to, the knowledge of the Company, suchfilings are up to date in that regard.
To the knowledge of the Company, no other officer,director, control person or third-party service provider has sold orpurchased the Company’s securities within the past 90 days.
6. During the last twelve months marketing andadvertising services to the Company have been provided by HillsideConsulting and Media Inc., which was retained as of June 12,2024.
7. On May 15, 2024, the Companyclosed a non-brokered private placement of $419,960 through theissuance of 6,999,333 units at a price of $0.06 per unit (the“Private Placement”). Each unit consisted of one common share andone common share purchase warrant. Each common share purchase warrantentitles the holder to purchase one common share at a price of $0.08for two years from the date of issuance and will expire on May 15,2026. All securities issued pursuant to the Private Placement aresubject to a four-month statutory hold period until September 16,2024. The Units pursuant to the Private Placement were issued pricedin within the permitted discount pursuant to the Policies of theCanadian Securities Exchange.
The public disclosure record of the Company isavailable at www.sedarplus.ca under theprofile of the Company.
About Lexston MiningCorporation
The Company is a Canadian mineral exploration company,focused on the acquisition and development of mineral projects. TheCompany has mineral exploration projects in British Columbia andNunavut, Canada.
The Company (OTCQB: LEXTF) trades on the OTCQB VentureMarket for early stage and developing U.S. and internationalcompanies. Companies are current in their reporting and undergo anannual verification and management certification process. Investorscan find Real-Time quotes and market information for the company on www.otcmarkets.com .
On Behalf of the Board ofDirectors
LEXSTON MINING CORPORATION
Jagdip Bal
Chief Executive Officer
Telephone: (604) 928-8913
Email: info@lexston.ca
The Canadian Securities Exchange hasnot reviewed and does not accept responsibility for the adequacy oraccuracy of the content of this news release.
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