(TheNewswire)
VANCOUVER, BC – TheNewswire - October 7, 2022 - Margaret Lake Diamonds Inc. ("MLD" or the"Company") (TSXV:DIA) (FKT:M85) (OTC:DDIAF) wishes toannounce, further to the Company’s news release dated July 12, 2022,it has entered into an amended and restated settlement agreement inrespect of the last of the three previously announced outstandingdebts with creditors (the “Debt Settlement”). The Debt Settlementwas reduced from CA$300,000 in the original settlement agreement toCA$225,000 in the amended and restated settlement agreement.
Pursuant to the Debt Settlement, the Company willissue, subject to the approval of the TSX Venture Exchange(“TSXV”) 892,857 units (the “Units”) ata deemed price of CA$0.14 per Unit, pay CA$10,000, and pay a furtherCA$90,000 upon the closing of the Company’s next equityprivate placement financing under which the Company raises grossproceeds of at least CA$750,000 . Each Unit is comprisedof one common share in the capital of the Company (each, a “CommonShare”) and one common share purchase warrant (each, a“Warrant”). Each Warrant will entitle the holder thereof topurchase one Common Share at a price of CA$0.28 per Common Share for aperiod of two years from issuance. The securities issued in connectionwith the Debt Settlement will bear a statutory four month hold periodfrom the date of issuance in accordance with applicable securitieslegislation.
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.
"YariNieken"
President, Chief Executive Officer, Chairman
Tel: 604.328.0425 | Email: ynieken@gmail.com
Disclaimer forForward-Looking Information:
Certain statements in this releaseare forward-looking statements, which reflect the expectations ofmanagement. Forward-looking statements consist of statements that arenot purely historical, including any statements regarding beliefs,plans, expectations, or intentions regarding the future.Forward-looking statements in this press release relate to, amongother things, the completion of the third debt settlement. Actualfuture results may differ materially. There can be no assurance thatsuch statements will prove to be accurate, and actual results andfuture events could differ materially from those anticipated in such statements.There is no assurance any of the conditions for closing will be met.Forward-looking statements reflect the beliefs, opinions, andprojections on the date the statements are made and are based upon anumber of assumptions and estimates that, while considered reasonableby the respective parties, are inherently subject to significantbusiness, economic, competitive, political and social uncertaintiesand contingencies. Readers should not place undue reliance on theforward-looking statements and information contained in this newsrelease concerning these times. Except as required by law, the Companydoes not assume any obligation to update the forward-lookingstatements of beliefs, opinions, projections, or other factors, shouldthey change, except as required by law
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release .
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