(TheNewswire)
Mr. Yari Nieken reports
MARGARET LAKE DIAMONDS ANNOUNCES GRANT OF OPTIONS ANDUPDATE ON AUDIT OF ANNUAL FINANCIAL STATEMENTS
VANCOUVER, BC - TheNewswire - Margaret Lake Diamonds Inc. ("MLD" or the "Company") (TSXV:DIA)(FKT:M85A) (OTC:DDIAF) Margaret Lake DiamondsInc. has cancelled the grant stock options to certain directors,officers or consultants to purchase up to an aggregate of 1 millioncommon shares of the company.
Margaret Lake Diamonds Inc. is providing an update withrespect to the expected timeline for filing its audited annualfinancial statements for the year ended May 31, 2022, the relatedmanagement's discussion and analysis, and certificates of its chiefexecutive officer and chief financial officer, and its previouslyannounced management cease trade order issued by the company'sprincipal regulator, the B.C. Securities Commission, on Sept. 29,2022.
While the company and its auditor continue to workdiligently to file the required documents as soon as they areavailable, certain additional delays have occurred. The companycurrently anticipates being able to complete and file the requireddocuments no later than Nov. 28, 2022.
As previously announced, pursuant to the managementcease-trade order, the chief executive officer and chief financialofficer of the company may not trade in securities of the companyuntil such time as the company files the required documents and theBCSC revokes the MCTO. The MCTO does not affect the ability of othershareholders of the company to trade in securities of thecompany.
Pursuant to the provisions of the alternativeinformation guidelines specified in National Policy 12-203, thecompany confirms that, as of the date of this news release: (a) therehave been no material changes to the information contained in thedefault announcement issued on March 31, 2021, that would reasonablybe expected to be material to an investor; (b) there have been nofailures by the company to fulfill its stated intentions with respectto satisfying the provisions of the alternative reporting guidelinesunder NP 12-203; (c) there has not been, nor is there anticipated tobe, any specified default subsequent to the default which is thesubject of the default announcement; and (d) there is no othermaterial information concerning the affairs of the company that hasnot been generally disclosed.
About Margaret Lake Diamonds Inc.
Margaret Lake is a Canadian-based mineral explorationcompany. As part of its joint venture with Arctic Star Exploration,Margaret Lake holds an 18.5-per-cent interest in the Diagras diamondproject, Northwest Territories, property. The property hosts 13 knownkimberlites originally discovered by DeBeers in the 1990s, andMargaret Lake believes there is an opportunity to apply modernexploration techniques to define additional kimberlites.
ON BEHALF OF THE BOARD OF DIRECTORSOF MARGARET LAKE DIAMONDSINC.
Yari Nieken, CEO
Neither the TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the TSX Venture Exchange) acceptresponsibility for the adequacy or accuracy of thisrelease
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