22:53:43 EDT Tue 06 Jun 2023
Enter Symbol
or Name

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Lake Winn Resources Corp
Symbol LWR
Shares Issued 64,663,305
Close 2023-05-26 C$ 0.075
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Lake Winn grants options to buy three million shares

2023-05-26 17:24 ET - News Release

Mr. Patrick Power reports


Lake Winn Resources Corp. has granted an aggregate of three million stock options and one million restricted share units to certain officers, directors and consultants of the company. The awards were granted in accordance with the company's omnibus incentive plan, and are in consideration for services provided by the officers, directors and consultants for the period ended May 26, 2023.

The options are exercisable at a price of 7.5 cents per share for a period of five years from the date of grant. The RSUs were issued at a deemed price of 7.5 cents per RSU.

The RSUs vest one year from the date of grant, subject to certain exemptions, and each RSU entitles the holder to receive one share of the company or, in certain circumstances, a cash payment equal to the value of one share of the company, at the time the RSU becomes payable pursuant to the terms of the applicable RSU award agreement.

Lake Winn Resources is a mineral exploration company focused on advancing the 100-per-cent-owned Little Nahanni lithium project (LNLP) that is located in the Northwest Territories on the NWT/Yukon border covering 7,080 hectares that includes a 13-kilometre-long and up to 500-metre-wide lithium, cesium and tantalum (LCT) pegmatite vein swarm. Many individual mineralized veins are up to 10 m thick. The project has had historic drilling and channel sampling that confirm significant lithium, tantalum, cesium and tin.

The company is awaiting final analyses and interpretation from a recently completed property wide magnetometer study expected shortly. The preliminary data have shown striking linear magnetic responses, with one zone lining up with the known pegmatite trend and with a second stronger linear anomaly representing a new potential pegmatite target (see press release dated Jan. 26, 2023).

The company was recently issued a five-year exploration permit inclusive of drilling, trenching and channel sampling (see press release dated May 9, 2023).

We seek Safe Harbor.

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