Lake Winn Announces Grant of Stock Options and Restricted Share Units
Lake Winn Announces Grant of Stock Options and Restricted Share Units
May 26, 2023 – Vancouver, British Columbia – Lake Winn Resources Corp. (“Lake
Winn” or the “Company”) announces that it has granted an aggregate of 3,000,000 stock
options (“Options”) and 1,000,000 restricted share units (“ RSUs and, together with the
Options, the “Awards”) to certain officers, directors and consultants of the Company. The
awards were granted in in accordance with the Company’s Omnibus Incentive Plan and
are in consideration for services provided by the officers, directors and consultants for the
period ended May 26, 2023.
The Options are exercisable at a price of $0.075 per share for a period of five years from
the date of grant. The RSUs were issued at a deemed price of $0.075 per RSU.
The RSUs vest one year from the date of grant, subject to certain exemptions, and each
RSU entitles the holder to receive one share of the Company, or in certain circumstances
a cash payment equal to the value of one share of the Company, at the time the RSU
becomes payable pursuant to the terms of the applicable RSU award agreement.
Lake Winn Resources Corp, is a mineral exploration company focused on advancing the
100% owned Little Nahanni Lithium project (“LNLP”) that is loc ated in the Northwest
Territories on the NWT/Yukon Border covering 7,080 hectares that includes a 13 km long,
and up to 500m wide, lithium, cesium, and tantalum (“LCT”) pegmatite vein swarm. Many
individual mineralized veins are up to 10m thick. The project has had historic drilling and
channel sampling that confirm significant lithium, tantalum, cesium, and tin.
The Company is awaiting final analyses and interpretation from a recently completed
property wide magnetometer study expected shortly. The preliminary data has shown
striking linear magnetic responses, with one zone lining up with the known pegmatite
trend (see Figure 1) and wit h a second stronger linear anomaly representing a new
potential pegmatite target (see Press Release dated January 26th, 2023).
Figure 1: Previous Magnetometer Representing Approximately 25% of the Property.
Close-up of previously completed magnetometer data.
The Company was recently issued a 5 year exploration permit inclusive of drilling,
trenching, and channel sampling (see Press Release date May 95h, 2023).
ON BEHALF OF THE BOARD OF DIRECTORS OF LAKE WINN RESOURCES CORP.
Patrick Power, President & CEO
+1 (604) 218-8772
www.lakewinn.ca
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.
Cautionary Statement Regarding “Forward-Looking” Information
This news release contains “forward-looking statements” including but not limited to
statements with respect to Arctic Star’s plans, the estimation of a mineral resource, and
the success of exploration activities. In this release, it is not certain if the kimberlite
discovered will be economic or not as this depends on many factors. Forward-looking
statements, while based on management’s best estimates and assumptions, are subject
to risks and uncertainties that may cause actual results to be materially different from
those expressed or implied by such forward-looking statements. There can be no
assurance that such statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such statements. Factors that
could affect our plans include our potential inability to raise funds as intended, and in
such event, we may require all funds raised, if any, to be used for working capital rather
than the intended uses as outlined. Accordingly, readers should not place undue
reliance on forward‐looking statements. Arctic Star undertakes no obligation or
responsibility to update forward‐looking statements, except as required by law.