Margaret Lake Cancels Options to Buy 1 Million Shares and Gives Update on Audit of Annual Financial Statements. Mr. Yari Nieken reports MARGARET LAKE DIAMONDS ANNOUNCES GRANT OF OPTIONS AND UPDATE ON AUDIT OF ANNUAL FINANCIAL STATEMENTS
Margaret Lake Cancels Options to Buy 1 Million Shares and Gives Update on Audit of
Annual Financial Statements.
Mr. Yari Nieken reports
MARGARET LAKE DIAMONDS ANNOUNCES GRANT OF OPTIONS AND UPDATE ON
AUDIT OF ANNUAL FINANCIAL STATEMENTS
VANCOUVER, BC- TheNewswire - Margaret Lake Diamonds Inc. ("MLD" or the "Company")
(TSXV:DIA) (FKT:M85A) (OTC:DDIAF) Margaret Lake Diamonds Inc. has cancelled the grant
stock options to certain directors, officers or consultants to purchase up to an aggregate of 1
million common shares of the company.
Margaret Lake Diamonds Inc. is providing an update with respect to the expected timeline for
filing its audited annual financial statements for the year ended May 31, 2022, the related
management's discussion and analysis, and certificates of its chief executive officer and chief
financial officer, and its previously announced management cease trade order issued by the
company's principal regulator, the B.C. Securities Commission, on Sept. 29, 2022.
While the company and its auditor continue to work diligently to file the required documents as
soon as they are available, certain additional delays have occurred. The company currently
anticipates being able to complete and file the required documents no later than Nov. 28, 2022.
As previously announced, pursuant to the management cease-trade order, the chief executive
officer and chief financial officer of the company may not trade in securities of the company
until such time as the company files the required documents and the BCSC revokes the MCTO.
The MCTO does not affect the ability of other shareholders of the company to trade in securities
of the company.
Pursuant to the provisions of the alternative information guidelines specified in National Policy
12-203, the company confirms that, as of the date of this news release: (a) there have been no
material changes to the information contained in the default announcement issued on March 31,
2021, that would reasonably be expected to be material to an investor; (b) there have been no
failures by the company to fulfill its stated intentions with respect to satisfying the provisions of
the alternative reporting guidelines under NP 12-203; (c) there has not been, nor is there
anticipated to be, any specified default subsequent to the default which is the subject of the
default announcement; and (d) there is no other material information concerning the affairs of the
company that has not been generally disclosed.
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, property. 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.
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