Margaret Lake Diamonds settles certain outstanding debts
VANCOUVER, BC / July 12, 2022 / Margaret Lake Diamonds Inc. ("MLD" or the "Company") (TSXV:DIA) (FKT:M85) (OTC PINK:DDIAF) wishes to announce it has entered into binding agreements in respect of the settlement of three outstanding debts, totaling CA$428,537.02 (the “Debt Settlements”). The Debt Settlements will consist of the issuance of 918,121 units (the “Units”) at a deemed price of CA$0.14 per Unit to two creditors and 1,428,571 common shares in the capital of the Company (each, a “Common Share”) to a third creditor at a deemed price of CA$0.14 per Common Share. Each Unit will be comprised of one Common Share and one common share purchase warrant (each, a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Common Share at a price of CA$0.28 per Common Share for a period of two years from issuance. The Debt Settlements remain subject to the approval of the TSX Venture Exchange. The securities issued in connection with the Debt Settlements will bear a statutory four month hold period from the date of issuance in accordance with applicable securities legislation.
About Margaret Lake Diamonds Inc.
MLD is a Canadian based mineral exploration company. As part of its joint venture with Arctic Star Exploration, MLD holds an 18.5 per cent interest in the Diagras diamond project Northwest Territories property. The property hosts 13 known kimberlites originally discovered by DeBeers in the 1990’s and MLD believes there is an opportunity to apply modern exploration techniques to define additional kimberlites. Additionally, MLD owns 100% interest in the Mormon Lake Uranium Property near Payson, Arizona.
On behalf of the board
Margaret Lake Diamonds Inc.
"Yari Nieken"
President/Chief Executive Officer, Chairman Tel: 604.328.0425 | Email: [email protected]
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements, which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward-looking statements in this press release relate to, among other things: completion of the proposed Arrangement. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future 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, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.