(TheNewswire)
VANCOUVER, BC / TheNewswire/ January 9, 2023 / Margaret Lake Diamonds Inc.("MLD" or the "Company") (TSXV:DIA) (FKT:M85)(OTC:DDIAF) is pleased to announce anon-brokered private placement (the “ Offering ”) for gross proceeds of up to C$400,000 from thesale.
The company will issue 20,000,000 units for $0.02 perunit. Each unit will consist of one common share in the capital of thecompany and one transferable common share purchase warrant. Eachwarrant will be exercisable to purchase one common share at a price of$0.05 per share within 24 months. The financing will be for a maximumof $400,000 resulting in 20,000,000 units being issued.
The proceeds from the offering will be used to advancethe Diagras Project, filing fees/regulatory fees, legal, audit,administrative, accounting expenses related to its rescinded MCTO,Canada Revenue Agency payment, and for general corporate purposes.
Property Exploration | >10% |
Accounting | >10% |
Auditing | >10% |
Legal | >10% |
General & Administration | <10% |
Fees-Filing + Other | <5% |
A payment is due to a non-arms length party for $40,000+ GST for work conducted for the Company prior to that individualbecoming a non-arms length party.
The company may pay finders’ fees as permitted byTSX-V policy and applicable securities laws. All securities issued aresubject to a four-month-and-one-day hold period.
The company plans to close the private placementimmediately following the satisfaction of customary closingconditions, including receipt of all required exchange and regulatoryapprovals.
About Margaret Lake DiamondsInc.
MLD is a Canadian based mineral exploration company. Aspart of its joint venture with Arctic Star Exploration, MLD holds an18.5 per cent interest in the Diagras diamond project NorthwestTerritories property. The property hosts 13 known kimberlitesoriginally discovered by DeBeers in the 1990’s and MLD believesthere is an opportunity to apply modern exploration techniques todefine additional kimberlites.
On behalf of the Board
Margaret Lake Diamonds Inc.
"Yari Nieken"
President, Chief Executive Officer, Chairman
Tel: 604.328.0425 | Email: ynieken@gmail.com
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.
Disclaimer forForward-Looking Information
Information set forth in this newsrelease may involve forward-looking statements under applicablesecurities laws. Forward-looking statements are statements that relateto future, not past, events. In this context, forward-lookingstatements often address expected future business and financialperformance, and often contain words such as “anticipate”,“believe”, “plan”, “estimate”, “expect”, and“intend”, statements that an action or event “may”,“might”, “could”, “should”, or “will” be taken oroccur, including statements that address potential quantity and/orgrade of minerals, potential size and expansion of a mineralized zone,proposed timing of exploration and development plans, or other similarexpressions. All statements, other than statements of historical factincluded herein including, without limitation, statements regardingthe use of proceeds, TSXV final approval, and the explorationpotential of the Diagras project based on historical drill results andforward-looking statements. By their nature, forward-lookingstatements involve known and unknown risks, uncertainties and otherfactors which may cause our actual results, performance orachievements, or other future events, to be materially different fromany future results, performance or achievements expressed or impliedby such forward-looking statements. Such factors include, amongothers, the following risks: the need for additional financing;operational risks associated with mineral exploration; fluctuations incommodity prices; title matters; and the additional risks identifiedin the annual information form of the Company or other reports andfilings with the TSXV and applicable Canadian securities regulators.Forward-looking statements are made based on management’s beliefs,estimates and opinions on the date that statements are made, and theCompany undertakes no obligation to update forward-looking statementsif these beliefs, estimates and opinions or other circumstances shouldchange, except as required by applicable securities laws. Investorsare cautioned against attributing undue certainty to forward-lookingstatements.
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