Margaret Lake Diamonds Inc. Announces Offering of up to $400,000
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Margaret Lake Diamonds Inc. Announces Offering of up to $400,000
January 9, 2023
VANCOUVER, BC / January 9, 2023 / Margaret Lake Diamonds Inc. ("MLD" or the
"Company") (TSXV: DIA) (FKT:M85) (OTC PINK: DDIAF) is pleased to announce a non-
brokered private placement (the “Offering”) for gross proceeds of up to C$400,000 from the sale.
The company will issue 20,000,000 units for $0.02 per unit. Each unit will consist 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 24
months. The financing will be for a maximum of $400,000 resulting in 20,000,000 units being
issued.
The proceeds from the offering will be used to advance the Diagras Project, filing fees/regulatory
fees, legal, audit, administrative, accounting expenses related to its rescinded MCTO, Canada
Revenue Agency payment, and for general corporate purposes.
Property
Exploration >10%
Accounting >10%
Auditing >10%
Legal >10%
General &
Administration <10%
Fees-Filing +
Other <5%
A payment is due to a non-arms length party for $40,000 + GST for work conducted for the
Company prior to that individual becoming a non-arms length party.
The company may pay finders’ fees as permitted by TSX-V policy and applicable securities
laws. All securities issued are subject to a four-month-and-one-day hold period.
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The company plans to close the private placement immediately following the satisfaction of
customary closing conditions, including receipt of all required exchange and regulatory
approvals.
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
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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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