Vancouver, British Columbia – October 11, 2024 – Lake Winn Resources Corp. (TSXV: LWR, FSE: EE1A) (the “Company”) announces that it intends to consolidate the common shares in the capital of the Company (the “Common Shares”) on the basis of ten (10) pre-consolidation Common Shares for every one (1) post-consolidation Common Share (the “Consolidation”).
The Company currently has 75,243,306 Common Shares issued and outstanding, and following the Consolidation, the Company will have approximately 7,524,331 Common Shares issued and outstanding, prior to rounding for fractional shares.
The Consolidation was approved by the board of directors of the Company (the “Board”) on October 7, 2024 in accordance with the Articles of the Company, but remains subject to the approval of the TSX Venture Exchange (the “Exchange”). The Company will issue a further news release upon receiving Exchange approval, announcing the effective date of the Consolidation. The Company will not be changing its name in conjunction with the Consolidation.
Management and the Board are requesting the Consolidation as the current share structure does not allow the Company to raise sufficient funds to continue operating as a going concern. The proposed Consolidation is expected to allow the Company to attract new capital and enable the Company to fully meet its ongoing business objectives.
About Lake Winn
Lake Winn Resources Corp. is a mineral exploration company focused on advancing the 100% owned Little Nahanni Pegmatite project located in the Northwest Territories near the Yukon Border. The project covers 9,682.5 hectares that includes a major portion of a 13 km-long, and up to 500 m wide, lithium, cesium, and tantalum pegmatite dyke swarm. The project has had historic drilling and channel sampling that confirm significant lithium, tantalum, cesium, and tin.
ON BEHALF OF THE BOARD OF DIRECTORS OF LAKE WINN RESOURCES CORP.
Patrick Power
President, CEO & Director
Lake Winn Resources Corp.
Telephone: (604) 218-8772
info@lakewinn.ca
www.lakewinn.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Statements
Certain statements in this news release are “forward-looking statements” which reflect the Company’s current expectations and projections about future events and financial trends that it believes might affect its financial condition, results of operations, business strategy and financial needs. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “might,” “will,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “indicate,” “seek,” “believe,” “estimates,” “predicts” or “likely,” or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Whether actual results, performance or achievements will conform to the Company’s expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including without limitation, the completion of the Consolidation and the receipt of approval for the Consolidation by the Exchange. Investors should not place undue reliance on forward-looking information. Important factors that could cause actual results to differ materially from the Company’s expectations include actual exploration results, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or operational risks detailed herein and from time to time in the filings made by the Company with securities regulators. The forward-looking information contained herein is made as of the date hereof and the Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
