LAKE WINN ANNOUNCES CLOSING OF SECOND TRANCHE
Further to its news release dated Oct. 28, 2022, Lake Winn Resources Corp. has closed the second tranche of the previously announced non-brokered private placement of units of the company at a price of five cents per unit. Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one additional share at a price of 10 cents per share for a period of 12 months from the date of issuance.
The second-tranche closing of the offering consisted of 6.15 million units for aggregate gross proceeds of $307,500. All securities issued in connection with the second tranche of the offering are subject to a statutory hold period of four months plus one day in accordance with applicable securities legislation ending on April 30, 2023. The company has now closed the entire offering of 20.04 million units for total gross proceeds of $1,002,000.
The company will use the proceeds of the offering for general corporate working capital and for development of the company’s lithium mining property.
About Lake Winn Resources Corp.
Lake Winn Resources is a Vancouver-based gold company, listed on the NEX board of the TSX Venture Exchange (symbol: LWR) focusing on exploration and development of lithium and gold projects in Canada. The company’s lithium property hosts the Little Nahanni pegmatite group (LNPG) lithium-cesium-tantalum (LCT) pegmatite dikes that have been traced for over 13 kilometres. The property is located in the Northwest Territories and is 37 kilometres northwest of the recently closed tungsten mine (Cantung). A gated road extends northwest from Cantung passes within five kilometres of the LNPG property.
The company’s flagship property, the Cloud project, is in the province of Manitoba in the Flin Flon gold belt approximately 40 kilometres northeast of the town of Flin Flon. Access to the property is provided by Manitoba Highway 10 to the all-weather Kississing Lake Road. The company also has the Quartz property 76 kilometres east of Flin Flon, where there are historic high-grade-gold drill intercepts.