Margaret Lake Diamonds Closes Non Brokered Private Placement for Gross Proceeds of $365,000 and Announces Award of A Grant by NWT Under The Mining Incentive Program
MARGARET LAKE DIAMONDS INC.
Margaret Lake Diamonds Closes Non Brokered Private Placement for Gross Proceeds of $365,000 and Announces Award of A Grant by NWT Under The Mining Incentive Program
June 12, 2017, Vancouver, British Columbia - Margaret Lake Diamonds Inc. (TSXV: DIA, FSE: M85) (“MLD” or the “Company”) announces the closing of the previously announced nonbrokered Flow Through Private Placement (the ‘’Offering”) of 3,650,000 units (each a “Unit”) at a price $0.10 per Unit, for aggregate gross proceeds of $365,000.
Each Unit consists of one Flow Through common share of the Company and one-half of one transferable non flow through common share purchase warrant (“Warrant”) with each whole Warrant entitling the holder thereof to acquire one additional non flow through common share at a price of $0.15 until June 13, 2018.
In connection with the closing of the Offering the Company paid finder’s fees of $12,600 and 210,000 Units to certain finders in accordance with applicable securities laws and policies of the Exchange. The net proceeds will be used for exploration expenditures on the two diamond exploration properties of the Company.
In addition, the Company is pleased to announce that the NWT has offered it a grant under the Mining Incentive Program. This award relates to the Margaret Lake project and states ‘Your Margaret Lake project was highly ranked and approved for funding at 50%. The total value of your MIP funding for 2017-2018 is $36,601.25.’ The Company appreciates this acknowledgment from the Territorial government.
About Margaret Lake Diamonds Inc.
Margaret Lake Diamonds Inc. is a diamond exploration company focused on the Northwest Territories with the Margaret Lake property in proximity to Gahcho Kué, the new Canadian diamond mine owned by De Beers and Mountain Province Diamonds, and adjacent to the ongoing advanced exploration by Kennady Diamonds. In addition the Company has a joint venture with Arctic Star Exploration Corp. on the Diagras property in the Lac de Gras area in proximity to the Ekati and Diavik producing diamond mining operations. The Board of Margaret Lake Diamonds Inc. is comprised of persons with combined involvement of over 50 years in the Canadian diamond sector.
ON BEHALF OF THE BOARD OF DIRECTORS
“Paul Brockington”
Paul Brockington, President and Chief Executive Officer
For further information, please contact:
Margaret Lake Diamonds Inc.
Paul Brockington President and CEO Phone: 604-630-2810 Website: www.margaretlake.ca Forward-looking Information
This news release contains forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice.
The Company assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change. 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.