By Devika Patel
Knoxville, Tenn., June 21 - Mountain Lake Resources Inc. said it will raise C$1.75 million in a private placement of units.
The company will sell 3.5 million units at C$0.50 per unit. Each unit consists of one common share and one half-share warrant. The whole warrants are exercisable at C$0.75 for two years.
Proceeds will be used to fund the company's exploration and development work and for general working capital purposes.
Based in Vancouver, B.C., Mountain Lake is a diversified junior mining and exploration company.
| Issuer: | Mountain Lake Resources Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1.75 million
|
| Units: | 3.5 million
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.75
|
| Pricing date: | June 21
|
| Stock symbol: | TSX Venture: MOA
|
| Stock price: | C$0.60 at close June 18
|
| Market capitalization: | C$20 million
|
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