Further to its news release dated Jan. 9, 2022, Lake Winn Resources Corp. has closed its previously announced non-brokered private placement of units of the company at a price of six 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 nine cents per share for a period of 12 months from the date of issuance.
The offering consisted of 4,798,336 units for aggregate gross proceeds of $287,900. All securities issued in connection with the closing of the offering are subject to a statutory hold period for four months plus a day in accordance with applicable securities legislation.
Proceeds will be used for contractual payments pursuant to the company’s purchase of the Blueberry property near Blueberry Lake, Man., as first set out in the company’s news release dated Sept. 16, 2020. The company received final approval from the exchange for the Blueberry Lake property acquisition on Nov. 27, 2020.
The company will also use part of the proceeds for general corporate working capital.
About Lake Winn Resources Corp.
Lake Winn Resources is a Vancouver-based lithium and gold company, listed on the NEX board of the TSX Venture Exchange, focusing on the 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 km northwest of the recently closed tungsten mine (Cantung). A gated road that extends northwest from Cantung passes within five km of the LNPG property.
The company’s 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.