Company offers flow-through shares with half-share warrants at C$0.58
By Devika Patel
Knoxville, Tenn., Dec. 16 - Mountain Lake Resources Inc. said it plans to conduct a C$2 million non-brokered private placement of units.
The company will sell 3,448,276 units of one flow-through common share and one half-share warrant at C$0.58 per unit. Each whole warrant will be exercisable at C$0.85 for 18 months. The strike price reflects a 70% premium to the Dec. 15 closing share price of C$0.50.
Proceeds will be used for exploration work in Newfoundland that will include winter drilling on the Valentine Lake JV Gold Project and the Glover Island Gold Project.
Based in Vancouver, B.C., Mountain Lake explores for economically viable minerals.
| Issuer: | Mountain Lake Resources Inc.
|
| Issue: | Units of one flow-through common share and one half-share warrant
|
| Amount: | C$2 million
|
| Units: | 3,448,276
|
| Price: | C$0.58
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.85
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 16
|
| Stock symbol: | TSX Venture: MOA
|
| Stock price: | C$0.51 at close Dec. 16
|
| Market capitalization: | C$23.48 million
|
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