Golden Lake Exploration Announces Financing Closed

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Club
$299/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

VANCOUVER, BC / ACCESSWIRE / March 5, 2021 / Golden Lake Exploration Inc. (CSE:GLM)("GLM" or the "Company") (OTCQB:GOLXF) is pleased to announce that further to its press release dated February 23, 2021, the Company has closed the non-brokered private placement with a lead order from Mr. Eric Sprott, through his company 2176423 Ontario Ltd. The Company issued 22,305,404 units (the "Units") at a price of $0.45 per Unit for aggregate gross proceeds of $10,037,431.80. Each Unit is comprised of one common share ("Share") and one half of one transferable common share purchase warrant of the Company ("Warrant"). Each whole Warrant will entitle the Subscriber to purchase one Warrant Share for a 24-month period after the Closing Date at an exercise price of $0.60 per share.

Mr. Sprott, through 2176423 Ontario Ltd., a corporation that is beneficially owned by him, acquired 4,444,444 units at $0.45 each for consideration of approximately $2,000,000, pursuant to the private placement. As a result, Mr. Sprott beneficially owns and controls 4,444,444 common shares of the company and 2,222,222 share purchase warrants, representing approximately 7.5% of the issued and outstanding common shares on a non-diluted basis and approximately 10.9% of the issued and outstanding common shares on a partially diluted basis assuming exercise of the warrants acquired hereunder forming part of the units. Prior to the current acquisition, Mr. Sprott did not beneficially own or control any securities of the Company.

The units were acquired by Mr. Sprott through 2176423 Ontario Ltd. for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire or sell additional securities of the company, including on the open market or through private transactions, in the future depending on market conditions, reformulation of plans and/or other relevant factors.

A copy of Mr. Sprott's early warning report with respect to the foregoing will appear on the company's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (2176423 Ontario Ltd., 200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).

Proceeds raised will be used for advancing the Company's Jewel Ridge property in Nevada as well as for general working capital.

Finders' fees of $406,216.46 cash and 902,701 finders' warrants were paid to arm's length parties.

Shares issued pursuant to the Financing will be subject to a four-month hold period according to applicable securities laws of Canada.

About Golden Lake Exploration Inc.

Golden Lake Exploration Inc. is a junior public mining exploration company engaged in the business of mineral exploration and the acquisition of mineral property assets. Its objective is to acquire, explore and develop economic precious and base metal properties of merit and to aggressively advance its exploration program on the Jewel Ridge property.

ON BEHALF OF THE BOARD

"Mike England"

Mike England, CEO&DIRECTOR

FOR FURTHER INFORMATION PLEASE CONTACT:

Telephone: 1-604-683-3995
TollFree:1-888-945-4770

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

SOURCE: Golden Lake Exploration Inc.



View source version on accesswire.com:
https://www.accesswire.com/633817/Golden-Lake-Exploration-Announces-Financing-Closed

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).