Lake Winn Resources Corp. Clarifies Disclosure IN Previous News Releases and Announces Private Placement
1111 Melville Street, 11th Floor
Vancouver, British Columbia Canada V6E 3V6
Tel: (604) 689-1799 / Fax: (604) 689-8199
LAKE WINN RESOURCES CORP. CLARIFIES DISCLOSURE IN PREVIOUS NEWS
RELEASES AND ANNOUNCES PRIVATE PLACEMENT
Vancouver, British Columbia – March 27, 2023 – Lake Winn Resources Corp. (NEX: LWR.H,
OTC: EQTXF) (the “Company”) is clarifying certain information included in its previous news
releases.
Li Property
Further to its news release of January 1, 2023 detailing the commencement of certain work in
preparation for a drill program in connection with the Company’s Li Lithium Property in the
Northwest Territories (the “ Li Property ”), the Company announces that the timeline for the
summer 2023 drill program has been extended, , and the only work contemplated for the next 6
months is the expenditure of $50,000 on a Squid magnetometer survey. Over the last two months,
work done on the Li Property includes permit applications for future drilling. The Company is
awaiting the completion of the Squid m agnetometer survey which recommenced on March 15,
while noting that 90% of the costs of this survey have already been paid. We also await the
conclusion of a satellite radar study.
Cloud Project
The Company wishes to clarify that the Blueberry P roperty near Blueberry Lake, Manitoba as
referenced in its news releases of January 9, 2023 and February 1, 2023 is one and the same as
the “Cloud project” referenced in the Company’s most recently disclosed financial statements.
The Company announces that, further to its news release dated September 16, 2020 detailing the
purchase and sale agreement between the Company and W.S. Ferreira Ltd. (“Ferreira Ltd.”) to
acquire the Cloud Project (the “ Cloud Purchase Agreement ”), the Company has received an
extension from Ferreira Ltd. until December 31, 2023 to pay the remaining cash consideration of
$200,000 pursuant to the Cloud Purchase Agreement.
Pursuant to the Cloud Purchase Agreement, the Company has previously issued 500,000 common
shares in the capital of the Company (“Shares”) to Ferreira Ltd., and issued 1,500,000 Shares to
Ferreira Ltd. on December 29, 2022.
Quartz Property
The Company also announces that, further to its news release dated January 27, 2021 detailing
the purchase agreement between the Company and Ferreira Ltd. to acquire the Quartz project
near the Flin Flon gold belt, Manitoba (the “ Quartz Purchase Agreement”), the Company has
received an extension from Ferreira Ltd. until December 31, 2023 to pay the remaining cash
consideration of $50,000 pursuant to the Quartz Purchase Agreement.
Private Placement
The Company is also pleased to announce that it will proce ed with a non -brokered private
placement (the “Offering”) of up to 4,200,000 units (the “Units”) at a price of $0.06 per Unit for
proceeds of up to $252,000. Each Unit will consist of one common share in the capital of the
Company (a “Share”) and one commo n share purchase warrant (a “ Warrant”). Each Warrant
entitles the holder thereof to purchase one additional Share at a price of $0.09 per Share for a
period of 12 months from the date of issuance.
The Company may pay a finder’s fee on the Offering within the amount permitted by the policies
of the NEX Board of the TSX Venture Exchange (the “ Exchange”). All securities issued in
connection with the Offering will be subject to a statutory hold period of four months plus a day
from the date of issuance in accordance with applicable securities legislation.
Proceeds of the Offering will be used for general working capital. The Company anticipates that
the Offering will constitute the reactivation of the Company from the NEX Board under Exchange
policies, and that upon closing, the Company will be listed on Tier 2 of the Exchange (the
“Reactivation”). Closing of the Offering and the Reactivation is subject to a number of conditions,
including receipt of all necessary corporate and regulatory approvals, including approval from the
Exchange.
About Lake Winn
Lake Winn Resources Corp., is a Vancouver based gold and lithium company, listed on the NEX
Board of the TSX Venture Exchange (Symbol: LWR.H) focusing on exploration and development
of lithium and gold pr ojects in Canada. The Company’s Li Property which hosts the Little
Nahanni Pegmatite Group (LNPG) lithium-cesium-tantalum (LCT) pegmatite dykes that have
been traced for over 13km. The property is located in the North West Territories and is 37km
northwest of the recently closed tungsten mine (Cantung). A gated road that extends northwest
from Cantung passes within 5km of the LNPG property.
The company’s flagship property, the Blueberry Property is in the province of Manitoba, in the
Flin Flon Gold Belt approximately 40 kilometers north‐east of the town of Flin‐Flon. Access to
the property is provided by Manitoba highway 10 to the all‐weather Kississing Lake Road. T he
company also has the Quartz Property 76 kilometres east of Flin Flon where there are historic high
grade gold drill intercepts.
On Behalf of the Board of Directors of Lake Winn Resources Corp.
Patrick Power
CEO and Director
Lake Winn Resources Corp.
Telephone: (604) 218-8772
“Neither the Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the Exchange) accepts responsibility for the adequacy or accuracy of this
release.”
Forward-looking Statements: Certain statements in this press release are "forward -looking
statements" which reflect the Company's current expectations and projections about future events
and financial trends that it believes might affect its financial condition, results of operation s,
business strategy and financial needs. In some cases, these forward -looking statements can be
identified by words or phrases such as "may", "might", "will", "expect", "anticipate", "estimate",
"intend", "plan", "indicate", "seek", "believe", "estimates" , "predicts" or "likely", or the negative
of these terms, or other similar expressions intended to identify forward -looking statements.
Whether actual results, performance or achievements will conform to the Company's expectations
and predictions is subjec t to a number of known and unknown risks, uncertainties, assumptions
and other factors, including without limitation, those risks and uncertainties discussed elsewhere
on the website at www.prosmartinc.com and in the Company's filings on SEDAR. Investors should
not place undue reliance on forward -looking information. The forward -looking information
contained herein is made as of the date hereof and is not obligated to update or revise any forward-
looking information, whether as a result of new information, future events or otherwise, except as
required by applicable securities laws.