Margaret Lake Diamonds Inc. Announces Closing of $400,000 Private Placement
Margaret Lake Diamonds Inc. Announces Closing of $400,000 Private Placement
February 16, 2023
VANCOUVER,
BC
/
February
16,
2023
/
Margaret
Lake
Diamonds
Inc.
("MLD"
or
the
"Company")
(TSXV:
DIA)
(FKT:M85)
(OTC
PINK:
DDIAF)
has
closed
its
previously
announced
non-brokered private placement (the “
Offering
”)
for gross proceeds of $400,000.
The Company issued 20,000,000 units for $0.02 per unit. Each unit consists of one common share
in the capital of the Company and one transferable common share purchase warrant.
Each
warrant
will
be
exercisable
to
purchase
one
common
share
at
a
price
of
$0.05
per
share
within
36
months.
Warrants
are
subject
to
an
acceleration
clause
in
the
event
the
Company's
common
shares
trade
on
the
TSX
Venture
Exchange
(the
"
TSX-V
")
at
a
10-day
volume
weighted
average
price
equal
to
or
greater
than
$0.075.
The
Company
may
accelerate
the
expiry
of
the
Warrants
by
giving
notice
to
holders
of
Warrants
and
issuing
a
news
release
announcing
the
reduced
Warrant
term
whereupon
the
Warrants
will
expire
on
the
30
th
calendar
days
after
the
date
of such news release.
The
Warrants
contain
certain
provisions
such
that
the
Warrant
Holder
shall
only
be
entitled
to
exercise
the
Warrants
to
the
extent
that
the
Warrant
Holder
will
own
(together
with
any
person
acting
jointly
or
in
concert
with
the
Warrant
Holder),
directly
or
indirectly,
less
than
10%
of
the
issued and outstanding Shares of the Company immediately following such exercise.
All
securities
issued
are
subject
to
a
statutory
four-month
hold
period.
No
finders’
fees
were
payable
and
no
Control
Person
(as
such
term
is
defined
in
the
policies
of
the
TSX-V)
was
created
as
a
result
of
the
closing
of
the
Offering.
The
closing
of
the
Offering
is
subject
to
receipt
of
all
necessary regulatory approvals including the TSX-V.
The
proceeds
from
the
Offering
will
be
used
to
advance
the
Company’s
exploration
projects,
filing
fees/regulatory
fees,
legal,
audit,
administrative,
accounting
expenses
related
to
its
rescinded MCTO, Canada Revenue Agency payment, and for general corporate purposes.
Breakdown of Projected Expenditures
Property
Exploration
>10%
Accounting
>10%
Auditing
>10%
Legal
>10%
General &
Administration
<10%
Fees-Filing
+ Other
<5%
1
Insiders of the Company purchased an aggregate of 3,000,000 Units under the Offering, for gross
proceeds of $60,000, which constituted a "related party transaction" within the meaning of TSX
V Policy 4.1 and Policy 5.9 and under Multilateral Instrument 61-
101 Protection of Minority
Security Holders in Special Transactions
("
MI 61-101
").
This participation is exempt from the
formal valuation and minority shareholder approval requirements contained in sections 5.5(a) and
5.7(1)(a) of MI 61-101 as the fair market value of such participation does not exceed 25% of the
market capitalization of the Company, as determined in accordance with MI 61-101.
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.
On behalf of the Board
Margaret Lake Diamonds Inc.
"Yari Nieken"
President, Chief Executive Officer, Chairman
Tel: 604.328.0425 | Email: [email protected]
Neither the 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.
Disclaimer for Forward-Looking Information
Information
set
forth
in
this
news
release
may
involve
forward-looking
statements
under
applicable
securities
laws.
Forward-looking
statements
are
statements
that
relate
to
future,
not
past,
events.
In
this
context,
forward-looking
statements
often
address
expected
future
business
and
financial
performance,
and
often
contain
words
such
as
“anticipate”,
“believe”,
“plan”,
“estimate”,
“expect”,
and
“intend”,
statements
that
an
action
or
event
“may”,
“might”,
“could”,
“should”,
or
“will”
be
taken
or
occur,
including
statements
that
address
potential
quantity
and/or
grade
of
minerals,
potential
size
and
expansion
of
a
mineralized
zone,
proposed
timing
of
exploration
and
development
plans,
or
other
similar
expressions.
All
statements,
other
than
statements
of
historical
fact
included
herein
including,
without
limitation,
statements
regarding
the
use
of
proceeds,
TSXV
final
approval,
and
the
exploration
potential
of
the
Diagras
project
based
on
historical
drill
results
and
forward-looking
statements.
By
their
nature,
forward-looking
statements
involve
known
and
unknown
risks,
uncertainties
and
other
factors
which
may
cause
our
actual
results,
performance
or
achievements,
or
other
future
events,
to
be
materially
different
from
any
future
results,
performance
or
achievements
expressed
or
implied
by
such
forward-looking
statements.
Such
factors
include,
among
others,
the
following
risks:
the
need
for
additional
financing;
operational
risks
associated
with
mineral
exploration;
fluctuations
in
commodity
prices;
title
matters;
and
the
additional
risks
identified
in
the
annual
information
form
of
the
Company
or
other
reports
and
filings
with
the
TSXV
and
applicable
Canadian
securities
regulators.
Forward-looking
statements
are
made
based
on
management’s
beliefs,
estimates
and
opinions
on
the
date
that
statements
are
made,
and
the
Company
undertakes
no
obligation
to
update
forward-looking
statements
if
these
beliefs,
estimates
and
opinions
or
other
circumstances
should
change,
except
as
required
by
applicable
securities
laws.
Investors
are
cautioned against attributing undue certainty to forward-looking statements.
###
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