(TheNewswire)
V ancouver , BC - TheNewswire - May 24, 2023 - Margaret Lake Diamonds Inc. ("MLD" or the"Company") (TSXV:DIA) (FKT:M85) (OTC:DDIAF) (" MargaretLake " or the " Company ")announces that following shareholder approval of a consolidation ofthe common shares of the Company (the " Common Shares ")at the annual general and special meeting of shareholders of theCompany held on April 6, 2023, the Company's issued and outstandingCommon Shares will be consolidated on the basis of ten (1)pre-consolidation Common Shares for one (1) post-consolidation CommonShare of the Company (the " Consolidation "). The Consolidation issubject to TSX Venture Exchange (the " TSX-V ")approval.
As of the date of this news release, the Company has47,412,288 Common Shares issued and outstanding. Followingcompletion of the Consolidation, the Company is expected to haveapproximately 4,741,228 Common Shares issued and outstanding. TheCompany's name and stock symbol will remain the same after theConsolidation but the Company's CUSIP and ISIN numbers willchange.
No fractional Common Shares will be issued pursuant tothe Consolidation. Each fractional Common Shareremaining after the Consolidation that is less than one-half of oneCommon Share will be cancelled and each fractional Common Share thatis at least one-half of one Common Share will be changed to one wholeCommon Share.
A letter of transmittal will be mailed to registeredshareholders by the Company’s transfer agent, Endeavor TrustCorporation once the Consolidation has taken effect. The letter oftransmittal contains instructions on how registered shareholders canexchange their share certificates evidencing their pre-consolidationshares for new share certificates representing the number ofpost-consolidation shares to which they are entitled. Beneficialshareholders holding their shares through a brokerage may be subjectto different procedures for obtaining their post-consolidation shares. If shareholdershave any questions in this regard, they are encouraged to contacttheir respective brokerage or intermediary.
The Company will issue a further news release notifyingshareholders as to when the effective date of the Consolidation willbe and the date on which the Company's Common Shares will commencetrading on the TSX-V on a consolidated basis.
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-looking statements often address expectedfuture business and financial performance, and often contain wordssuch as “anticipate”, “believe”, “plan”, “estimate”,“expect”, and “intend”, statements that an action or event“may”, “might”, “could”, “should”, or “will” betaken or occur, including statements that address potential quantityand/or grade of minerals, potential size and expansion of amineralized zone, proposed timing of exploration and developmentplans, or other similar expressions. All statements, other thanstatements of historical fact included herein including, withoutlimitation, statements regarding the use of proceeds, TSXV finalapproval, and the exploration potential of the Diagras project basedon historical drill results and forward-looking statements. By theirnature, forward-looking statements involve known and unknown risks,uncertainties and other factors which may cause our actual results,performance or achievements, or other future events, to be materiallydifferent from any future results, performance or achievementsexpressed or implied by such forward-looking statements. Such factorsinclude, among others, the following risks: the need for additionalfinancing; operational risks associated with mineral exploration;fluctuations in commodity prices; title matters; and the additionalrisks identified in the annual information form of the Company orother reports and filings with the TSXV and applicable Canadiansecurities regulators. Forward-looking statements are made based onmanagement’s beliefs, estimates and opinions on the date thatstatements are made, and the Company undertakes no obligation toupdate forward-looking statements if these beliefs, estimates andopinions or other circumstances should change, except as required byapplicable securities laws. Investors are cautioned againstattributing undue certainty to forward-looking statements.
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