Lake Winn Resources Corp. is clarifying certain information included in its previous news releases.
Further to its news release of Jan. 1, 2023, detailing the commencement of certain work in preparation for a drill program in connection with the company’s Li lithium property in the Northwest Territories, the company announces that the timeline for the summer, 2023, drill program has been extended; the only work contemplated for the next six months is the expenditure of $50,000 on a squid magnetometer survey. Over the past two months, work done on the Li property includes permit applications for future drilling. The company is awaiting the completion of the Squid magnetometer survey which recommenced on March 15, while noting that 90% of the costs of this survey have already been paid. The company is also awaiting the conclusion of a satellite radar study.
The company wishes to clarify that the Blueberry property near Blueberry Lake, Man., as referenced in its news releases of Jan. 9, 2023, and Feb. 1, 2023, is one and the same as the Cloud project referenced in the company’s most recently disclosed financial statements.
The company announces that, further to its news release dated Sept. 16, 2020, detailing the purchase and sale agreement between the company and W.S. Ferreira Ltd. to acquire the Cloud project, the company has received an extension from Ferreira Ltd. until Dec. 31, 2023, to pay the remaining cash consideration of $200,000 pursuant to the Cloud purchase agreement.
Pursuant to the Cloud purchase agreement, the company has previously issued 500,000 common shares in the capital of the company to Ferreira and issued 1.5 million shares to Ferreira on Dec. 29, 2022.
The company also announces that, further to its news release dated Jan. 27, 2021, detailing the purchase agreement between the company and Ferreira to acquire the Quartz project near the Flin Flon gold belt, Man., the company has received an extension from Ferreira until Dec. 31, 2023, to pay the remaining cash consideration of $50,000 pursuant to the Quartz purchase agreement.
The company is also pleased to announce that it will proceed with a non-brokered private placement of up to 4.2 million units at a price of six cents per unit for proceeds of up to $252,000. Each unit will consist 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 company may pay a finder’s fee on the Offering within the amount permitted by the policies of the NEX Board of the TSX Venture Exchange (TSX-V). All securities issued in connection with the offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
Proceeds of the offering will be used for general working capital. The company anticipates that the offering will constitute the reactivation of the company from the NEX Board under exchange policies and, that upon closing, the company will be listed on Tier 2 of the exchange. Closing of the offering and the reactivation is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including approval from the exchange.
About Lake Winn Resources Corp.
Lake Winn Resources is a Vancouver-based gold and lithium company listed on the NEX Board of the TSX Venture Exchange focusing on exploration and development of lithium and gold projects in Canada. The company’s Li 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 flagship property, the Blueberry property, 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 owns the Quartz property 76 kilometres east of Flin Flon, where there are historic high-grade gold drill intercepts.