Mr. Yari Nieken reports
MARGARET LAKE DIAMONDS INC. ANNOUNCES OFFERING OF UP TO $400,000
Margaret Lake Diamonds Inc. has arranged a non-brokered private placement for gross proceeds of up to $400,000 from the sale.
The company will issue 20 million units for two cents per unit. Each unit will consist of one common share in the capital of the company and one transferable common share purchase warrant. Each warrant will be exercisable to purchase one common share at a price of five cents per share within 24 months. The financing will be for a maximum of $400,000, resulting in 20 million units being issued.
The proceeds from the offering will be used to advance the Diagras project; filing fees/regulatory fees; legal, audit, administrative and accounting expenses related to its rescinded MCTO (management cease trade order); Canada Revenue Agency payment; and for general corporate purposes.
A payment is due to a non-arm's-length party for $40,000 plus GST (goods and services tax) for work conducted for the company prior to that individual becoming a non-arm's-length party.
The company may pay finders' fees as permitted by TSX Venture Exchange policy and applicable securities laws. All securities issued are subject to a four-month-and-one-day hold period.
The company plans to close the private placement immediately following the satisfaction of customary closing conditions, including receipt of all required exchange and regulatory approvals.
About Margaret Lake Diamonds Inc.
Margaret Lake Diamonds is a Canadian-based mineral exploration company. As part of its joint venture with Arctic Star Exploration, Margaret Lake Diamonds holds an 18.5-per-cent interest in the Diagras diamond project in Northwest Territories. The property hosts 13 known kimberlites originally discovered by De Beers in the 1990s, and Margaret Lake Diamonds believes there is an opportunity to apply modern exploration techniques to define additional kimberlites.
We seek Safe Harbor.
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