By Laura Lutz
Washington, Dec. 21 - Mountain Lake Resources Inc. negotiated a private placement with MineralFields Group for up to C$1 million.
The company plans to issue 537,634 flow-through units at C$0.93 each and up to 666,667 non flow-through units at C$0.75 each.
Each flow-through unit will consist of one flow-through share and one half-share warrant with each whole warrant exercisable for one non flow-through share for two years, at C$1.00 in the first year and at C$1.25 in the second year.
Each non flow-through unit will consist of one non flow-through share and one warrant with each warrant exercisable for one non flow-through share for two years, at C$1.00 in the first year and at C$1.25 in the second year.
Proceeds will be used for exploration and drilling at the company's Bobby's Pond zinc-copper project, for working capital and for new projects.
The company also completed a $600,000 private placement of flow-through units with MineralFields group in October.
Mountain Lake is a mining and exploration company based in Port Williams, N.S.
| Issuer: | Mountain Lake Resources Inc.
|
| Issue: | Units of one flow-through share and one half-share non flow-through warrant and units of one non flow-through share and one non flow-through warrant
|
| Amount: | C$1 million
|
| Investor: | MineralFields Group
|
| Pricing date: | Dec. 21
|
| Stock symbol: | TSX Venture: MOA
|
| Stock price: | C$0.82 at close Dec. 21
|
|
|
| Flow-through units
|
| Units: | 537,634
|
| Price: | C$0.93
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.00 in the first year; C$1.25 in the second year
|
|
|
| Non flow-through units
|
| Units: | 666,667
|
| Price: | C$0.75
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.00 in the first year; C$1.25 in the second year
|
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