Proceeds used for exploration and development work, working capital
By Devika Patel
Knoxville, Tenn., Aug. 31 - Mountain Lake Resources Inc. announced it will conduct a C$2.02 million private placement of units with Sprott Asset Management LP.
The company will sell 3.1 million units of one common share and one half-share warrant at C$0.65 per unit.
Each whole two-year warrant will be exercisable at C$0.80. The strike price represents a 25% premium to the closing share price of C$0.64 on Aug. 30.
Proceeds will be used for the company's exploration and development work on its projects in Newfoundland and for general working capital purposes.
Based in Vancouver, B.C., Mountain Lake is a gold and base metals mining and exploration company.
| Issuer: | Mountain Lake Resources Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$2,015,000
|
| Units: | 3.1 million
|
| Price: | C$0.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.80
|
| Investor: | Sprott Asset Management LP
|
| Pricing date: | Aug. 31
|
| Stock symbol: | TSX Venture: MOA
|
| Stock price: | C$0.64 at close Aug. 30
|
| Market capitalization: | C$27.87 million
|
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