Lake Winn Resources Corp. Amends Terms of Hard Dollar Private Placement Units
LAKE WINN RESOURCES CORP.
1111 Melville Street, 11th Floor Vancouver,
British Columbia Canada V6E 3V6
LEGAL_34738543.1
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES
Lake Winn Resources Corp. Amends Terms of Hard Dollar Private Placement Units
Vancouver, British Columbia – September 30th, 2020 – Lake Winn Resources Corp. (TSX-V: LWR,
Frankfurt: EEI, OTC: EQTXF), (the “Company” or “Lake Winn”), announces that it has amended the
terms of the non -flow-through private placement to raise an aggregate $1,500,000 previously
announced on September 16, 2020 (the “ Hard Dollar Tranche ”). The no n-brokered private
placement of $1,250,000 in flow-through units (the “FT Units”) of the Company at a subscription price
of $0.10 per FT Unit will remain the same.
Amended Non-Flow-Through Unit Offerings (Hard Dollar Tranche)
The Company announces amendments to the terms of its non-brokered private placements of units.
The first private placement of units will be offered at a subscription price of $0.10 per unit for gross
aggregate proceeds of $665,000. Each unit will consist of one common share of the Co mpany and
one common share purchase warrant. Each warrant entitling the holder thereof to acquire one
common share of the Company at a price of $0.20 for a period of two (2) years following the closing of
the private placement.
The second private placement of units will be offered at a subscription price of $0.12 per unit for gross
aggregate proceeds of $835,000. Each unit will consist of one common share of the Company and
one common share purchase warrant. Each warrant entitling the holder thereof to a cquire one
common share of the Company at a price of $0.16 for a period of three (3 ) years following the closing
of the private placement.
The combined Hard Dollar Tranche private placements will still raise approximately $1,500,000.
A Finders fee is applicable on the private placements.
The private placements are subject to the receipt of all necessary approvals, including the final
approval of the TSX Venture Exchange.
Shares for Debt
Lastly, the Company previously announced on September 16, 2020 that its board of directors has
approved the settlement of up to $ 300,000 of trade payables debt through the issuance of common
shares of the Company (the " Debt Settlement "). Pursuant to the Debt Settlement, the Company
reported it would issue Debt Settlement shares at a deemed price of $0.115 per s hare to certain
creditors of the Company (the "Creditors"). The Company will now issue the Debt Settlement shares
at a deemed price of $0.12 per share.
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The issuance of the Debt Settlement shares to the Creditors is subj ect to the approval of the TSX
Venture Exchange. All securities issued will be subject to a four month hold period which will expire on
the date that is four months and one day from the date of issue.
For more information please visit: http://equitorialexploration.com
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 o f this
release.
For further information contact:
Patrick Power
CEO and Director
Lake Winn Resources Corp.
Telephone: (604) 218-8772
Cautionary Statement Regarding “Forward-Looking” Information
Certain statements contained in this press release may constitute forward -looking statements. Such
forward-looking statements are based upon the Company’s reasonable expectations at the date hereof,
which are subject to change depending on economic, political and competitive circumstances and
contingencies. Readers are cautioned that such forward looking statements involve known and unknown
risks, uncertainties and other factors that may cause a change in such assumptions and the actual
outcomes and estimates to be materially different from those estimated or anticipated future results,
achievements or position expressed or implied by those forward -looking statements. Risks, uncertainties
and other factors that could cause the Company’s plans or prospects to change include changes or
disruptions in the secur ities markets; legislative, political or economic developments. The Company
disclaims any intention or obligation to update or revise any forward -looking statements whether as a result
of new information, future events or otherwise.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities
described in this news release in the United States . Such securities have not been, and will not be,
registered under the United States Securities Act of 1933, as am ended (the "U.S. Securities Act"), or any
state securities laws, and, accordingly, may not be offered or sold within the United States , or to or for the
account or benefit of persons in the United States or "U.S. Persons", as such term is defined in Regula tion
S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and
applicable state securities laws or pursuant to an exemption from such registration requirements.