Golden Lake Exploration Amends Financing Numbers

Rhea-AI Summary

Golden Lake Exploration Inc. (CSE:GLM)(OTCQB:GOLXF) announced changes to its recent private placement. The Company issued 22,345,404 units at $0.45 per unit, generating gross proceeds of $10,055,431.80. Each unit includes one common share and half a warrant, with a full warrant priced at $0.60 for a 24-month period. Additionally, finders' fees amounted to $407,296.46 cash and 905,101 warrants. The Company also granted 2.85 million options to directors and consultants at $0.45 for two years.

Positive

• Successfully raised $10,055,431.80 through the issuance of 22,345,404 units.
• Each unit includes a warrant with a potential exercise price of $0.60, possibly enhancing shareholder value.
• Option grants to directors and consultants may align management interests with shareholders.

Negative

• Finders' fees of $407,296.46 could dilute shareholder value.
• Equity dilution risk exists due to upcoming warrant exercises and options issued.

VANCOUVER, BC / ACCESSWIRE / March 9, 2021 / Golden Lake Exploration Inc. (CSE:GLM)(OTCQB:GOLXF) ("GLM" or the "Company") reports the following changes to the final numbers of the recently closed private placement (see PR dated March 5^th, 2021). The Company issued 22,345,404 units (formerly 22,305,404) (the "Units") at a price of $0.45 per Unit for aggregate gross proceeds of $10,055,431.80 (formerly $10,037,431.80). Each Unit is comprised of one common share ("Share") and one half of one transferable common share purchase warrant of the Company ("Warrant"). Each whole Warrant will entitle the Subscriber to purchase one Warrant Share for a 24-month period after the Closing Date at an exercise price of $0.60 per share.

Finders' fees of $407,296.46 (formerly $406,216.46) cash and 905,101 (formerly 902,701) finders' warrants were paid to arm's length parties.

Shares issued pursuant to the Financing are subject to a four-month hold period according to applicable securities laws of Canada.

The Company further announces it has set 2.85 million options to directors and consultants of the Company at $0.45 for a period of 2 years in accordance with the Company's stock option plan.

About Golden Lake Exploration Inc.
Golden Lake Exploration Inc. is a junior public mining exploration company engaged in the business of mineral exploration and the acquisition of mineral property assets. Its objective is to acquire, explore and develop economic precious and base metal properties of merit and to aggressively advance its exploration program on the Jewel Ridge property.

ON BEHALF OF THE BOARD
"Mike England"
Mike England, CEO & Director

For Further Information, Please Contact:
Telephone: 1-604-683-3995
Toll Free:1-888-945-4770

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

SOURCE: Golden Lake Exploration Inc.

View source version on accesswire.com:
https://www.accesswire.com/634527/Golden-Lake-Exploration-Amends-Financing-Numbers

FAQ

What were the final numbers of Golden Lake Exploration's private placement?

Golden Lake Exploration issued 22,345,404 units at $0.45 per unit, raising $10,055,431.80.

What are the terms for the warrants associated with the private placement?

The warrants allow shareholders to purchase one share at $0.60 for a 24-month period.

What finders' fees were paid by Golden Lake Exploration?

The Company paid finders' fees totaling $407,296.46 cash and 905,101 warrants.

How many options were granted to directors and consultants?

Golden Lake Exploration granted 2.85 million options at $0.45 for two years.