Margaret Lake Announces Increase to Flow-Through and Non-Flow Through Unit Private Placement

Margaret Lake Announces Increase to Flow-Through and Non-Flow

Through Unit Private Placement

June 7, 2022 - Vancouver, British Columbia – Margaret Lake Diamonds Inc. (TSXV:DIA)

(FKT:M85) (OTC PINK:DDIAF) has arranged a private placement of up to 3,333,333 flow-

through units at an offering price of 15 cents per flow-through unit for up to $500,000. Each flow-

through unit will consist of one flow-through share and one share purchase warrant entitling the

holder to purchase a non-flow-through share at a price of 30 cents for a period of two years.

The company also announces a non-brokered private placement of up to 14,285,715 non-flow-

through units at an offering price of 14 cents per unit for up to $2-million. Each non-flow-through

unit will consist of one non-flow-through share and one share purchase warrant entitling the

holder to purchase an additional non-flow-through common share at a price of 28 cents for a

period of two years.

The aggregate gross proceeds from the sale of the FT offering will be used to contribute to and

maintain the company's share in its joint venture with Arctic Star Diamond Exploration. The

aggregate gross proceeds from the sale of the NFT offering will be used for legal, accounting,

and general and administrative costs. The closing of the offering is subject to receipt of all

necessary regulatory approvals, including from the TSX Venture Exchange. Finders' fees will be

payable in accordance with the policies of the TSX Venture Exchange.

All securities issued in connection with the offering will be subject to a statutory hold period

expiring four months and one day after closing of the offering. Any participation by insiders in

the offering will constitute a related-party transaction under Multilateral Instrument 61-101

(Protection of Minority Security Holders in Special Transactions) but is expected to be exempt

from the formal valuation and minority shareholder approval requirements of MI 61-101.

About Margaret Lake Diamonds Inc.

Margaret Lake is a Canadian-based mineral exploration company. As part of its joint venture

with Arctic Star Exploration, Margaret Lake holds an 18.5-per-cent interest in the Diagras

diamond project, Northwest Territories. The property hosts 13 known kimberlites originally

discovered by DeBeers in the 1990s, and Margaret Lake believes there is an opportunity to

apply modern exploration techniques to define additional kimberlites. Additionally, Margaret

Lake owns a 100-per-cent interest in the Mormon Lake uranium property near Payson, Ariz.

ON BEHALF OF THE BOARD OF DIRECTORS OF MARGARET LAKE DIAMONDS INC.

Yari Nieken, CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the

policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.