Deal funds exploration at Valentine Lake, Glover Island, Little River
By Devika Patel
Knoxville, Tenn., Oct. 13 - Mountain Lake Resources Inc. said it will conduct a private placement of stock. Salman Partners Inc. is lead agent of a syndicate that includes Bayfront Capital Partners Ltd.
The company will sell 4,761,905 flow-through common shares at C$1.05 apiece for C$5 million. The price per share is a 15.39% premium to the Oct. 12 closing share price of C$0.91.
There is a C$1 million greenshoe.
Proceeds will be used for exploration work on the company's Valentine Lake, Glover Island and Little River projects.
Based in Vancouver, B.C., Mountain Lake is a diversified junior mining and exploration company.
| Issuer: | Mountain Lake Resources Inc.
|
| Issue: | Flow-through common shares
|
| Amount: | C$5 million
|
| Greenshoe: | C$1 million
|
| Shares: | 4,761,905
|
| Price: | C$1.05
|
| Warrants: | No
|
| Agents: | Salman Partners Inc. (lead), Bayfront Capital Partners Ltd.
|
| Pricing date: | Oct. 13
|
| Stock symbol: | TSX Venture: MOA
|
| Stock price: | C$0.93 at close Oct. 13
|
| Market capitalization: | C$28.51 million
|
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