(TheNewswire)
VANCOUVER, BC- TheNewswire - Margaret Lake DiamondsInc. ("MLD" or the "Company") (TSXV:DIA)(FKT:M85A) (OTC:DDIAF) is pleased to announcethat it has received a revocation of its Management Cease Trade Order(“MCTO”) as of December 21, 2022 from the British ColumbiaSecurities Commission. The company has filed the required records andthe cease trade order is revoked.
The Board is also notifying shareholders of a proposedconsolidation (the “Share Consolidation”) of MLD outstandingcommon shares (the “Common Shares”) on an up to 10:1 basis (the“Consolidation Ratio”) as may be determined by the board ofdirectors of the Company (the “Board”) in its sole discretion,subject to regulatory approval.
The primary objective for MLD Board to pursue a ShareConsolidation is to provide greater flexibility in any futureacquisitions and financings the Company may wish to complete. Inparticular, in light of the current market conditions, managementbelieves it will be beneficial to the current shareholders to haveissued share capital made more attractive to future investors.Additionally, an increase in per-share trading price of the CommonShares following the Share Consolidation may reduce certaintransaction costs for investors when trading in the CommonShares.
In determining whether to seek a Share Consolidation,the Board also considered a number of other market and businessfactors deemed relevant, as well as general capital markets andeconomic conditions. The proposed Share Consolidation is part ofMargaret Lakes overall strategy to drive long-term shareholder valueand to increase its profile as the Company continues to grow andevolve.
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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