04:38:08 EDT Fri 31 Mar 2023
Enter Symbol
or Name

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Margaret Lake Diamonds Inc (2)
Symbol DIA
Shares Issued 26,519,431
Close 2022-10-07 C$ 0.085
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Margaret Lake amends debt settlement deal

2022-10-07 22:34 ET - News Release

Mr. Yari Nieken reports


Further to the news release dated July 12, 2022, Margaret Lake Diamonds Inc. has entered into an amended and restated settlement agreement in respect of the last of the three previously announced outstanding debts with creditors. The debt settlement was reduced from $300,000 in the original settlement agreement to $225,000 in the amended and restated settlement agreement.

Pursuant to the debt settlement, the company will issue, subject to the approval of the TSX Venture Exchange, 892,857 units at a deemed price of 14 cents per unit, pay $10,000 and pay a further $90,000 upon the closing of the company's next equity private placement financing, under which the company raises gross proceeds of at least $750,000. Each unit is composed of one common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share at a price of 28 cents per common share for a period of two years from issuance. The securities issued in connection with the debt settlement will bear a statutory four-month hold period from the date of issuance in accordance with applicable securities legislation.

About Margaret Lake Diamonds Inc.

Margaret Lake is a Canadian-based mineral exploration company. As part of its joint venture with Arctic Star Exploration, Margaret Lake holds an 18.5-per-cent interest in the Diagras diamond project, a Northwest Territories property. The property hosts 13 known kimberlites originally discovered by DeBeers in the 1990s, and Margaret Lake believes there is an opportunity to apply modern exploration techniques to define additional kimberlites.

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