Mr. Paul Smith reports
MOUNTAIN LAKE PROCEEDS WITH 10 FOR 1 CONSOLIDATION
Further to its press releases dated March 15, 2018, and
June 8, 2018, that in furtherance of its proposed acquisition transactions with ACMPR (Access to Cannabis for Medical Purposes Regulations) licence applicant
holders, 1151024 B.C. Ltd. and 1157630 B.C. Ltd. and proposed spinoff of its
mining assets, Mountain Lake Minerals Inc. is proceeding with the previously announced one-new-for-10-old
share consolidation. The consolidation will be effective on July 16, 2018,
following which the company expects to close an initial tranche of its non-brokered private placement of
units at a price of 30 cents per unit.
Each unit will consist of one postconsolidation common share of the company and one-half of
one transferable share purchase warrant to acquire a further postconsolidation common share at a price
of 50 cents per share for a period of one year. The proceeds of this initial tranche of the placement will be
utilized to finance the company's continuing expenses relating the acquisitions and spinoff and to provide
working capital to the company's subsidiary in relation to the spinoff. The remaining tranches of the
placement will either be completed concurrently with the transactions or as a subscription receipt
financing, with each such subscription receipt being issued at a price of 30 cents per subscription receipt,
with the proceeds thereof being held in escrow pending completion of the acquisitions, following which
the subscription agreements would be deemed to be exchanged, without payment of additional
consideration, into units. Additional details regarding the placement will be provided as the transactions
The consolidation will result in the number of issued and outstanding common shares of the company
being reduced from 39,023,011 common shares to 3,902,301 common shares. Outstanding stock options
and share purchase warrants will also be adjusted by the equivalent consolidation ratio and the respective
exercise prices adjusted accordingly. The company will retain its current name and stock symbol at this
time, pending the completion of the acquisitions. The Cusip number for the company's common shares has
changed to 624146205.
This consolidation was initially announced on March 15, 2018. Letters of transmittal will be mailed out
to shareholders on July 17, 2018.
Trading in the common shares of the company has been halted since June 7, 2018, and is expected to
remain halted pending satisfaction of applicable requirements of the CSE. There can be no assurance that
trading in the common shares of the company will resume.
About Mountain Lake Minerals Inc.
Mountain Lake Minerals is a junior exploration company exploring for precious metal deposits.
Mountain Lake's current projects are located on the pro-mining island of Newfoundland and include: a
100-per-cent interest in high-grade gold and massive sulphide occurrences along the Glover Island mineral
trend in Newfoundland; a 100-per-cent interest in the Little River high-grade gold exploration property; and a
100-per-cent option agreement on Caledonia Brook.
We seek Safe Harbor.
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