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Margaret Lake Diamonds Inc (2)
Symbol DIA
Shares Issued 25,712,555
Close 2022-08-05 C$ 0.20
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Margaret Lake appoints Barnett as CFO

2022-08-08 13:47 ET - News Release

Elizabeth Subject: Margaret Lake Diamonds Inc. (DIA) - News release for immediate dissemination Word Document File: '\\office\emailin\20220808 101116 Attachment LEGAL 59047808v1 Margaret Lake - News Release re Management Changes and Debt Settlements (August 2022).DOCX' LEGAL\59047808\1 Margaret Lake Diamonds Announces Management Changes and Settles Certain Outstanding Debts VANCOUVER, BC / August 8, 2022 / Margaret Lake Diamonds Inc. ("MLD" or the "Company") (TSXV:DIA) (FKT:M85) (OTC PINK:DDIAF) wishes to announce that effective August 2, 2022, Mr. Richard Barnett has been appointed as the Chief Financial Officer of the Company. Mr. Barnett is a Chartered Professional Accountant, Certified General Accountant (CPA, CGA), and is currently a Director or CFO of several TSX-V and CSE listed companies. Mr. Barnett has over 30 years of accounting and management experience with companies involved in mineral exploration in Canada, South America, West Africa, and Iceland. He is President and CEO of Jerico Management Ltd., a privately owned company since 2001. Mr. Barnett replaces Mr. George Kovalyov who recently resigned as a Director and Chief Financial Officer of the Company for personal reasons. The Company also wishes to announce that Mr. Joel Warawa has resigned as a Director of the Company. The Company is currently searching to find a replacement. The Company thanks both Mr. Kovalyov and Mr. Warawa for their contributions and wishes them well in their future endeavours. In addition, further to the Company's news release dated July 12, 2022, the Company wishes to announce that it has settled two of the three previously announced outstanding debts with creditors, totaling CAD$128,537.02 (the "Debt Settlements") and is continuing its efforts to finalize the third. Pursuant to the Debt Settlements, the Company has issued an aggregate of 806,876 units (the "Units") at a deemed price of CAD$0.14 per Unit and paid CAD$10,000. Each Unit is comprised of one common share in the capital of the Company (each, a "Common Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share at a price of CAD$0.28 per Common Share for a period of two years from issuance. The third debt settlement remains subject to the approval of the TSX Venture Exchange. The securities issued in connection with the Debt Settlements bear a statutory four month hold period from the date of issuance in accordance with applicable securities legislation. 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. Additionally, MLD owns 100% interest in the Mormon Lake Uranium Property near Payson, Arizona. On behalf of the Board Margaret Lake Diamonds Inc. "Yari Nieken" President, Chief Executive Officer, Chairman Tel: 604.328.0425 | Email: ynieken@gmail.com Disclaimer for Forward-Looking Information: Certain statements in this release are forward-looking statements, which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward-looking statements in this press release relate to, among other things, the completion of the third debt settlement. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. There is no assurance any of the conditions for closing will be met. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law Neither 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.

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