Golden Lake Announces Convertible Promissory Note

Rhea-AI Summary

Golden Lake (OTC PINK: GOLXF; CSE: GLM) entered an unsecured convertible promissory note to borrow C$165,000 with a maturity date of October 29, 2026. The Loan accrues interest at 10% per annum from issue date, subject to earlier conversion. The outstanding amount is convertible into common shares at a conversion price of $0.05 per share. Any shares issued on conversion will be subject to a statutory hold period of four months and a day. The company intends to use the proceeds for advance royalty payments under its Option Agreement with Greenlane Resources Ltd.

Positive

• Provides C$165,000 immediate funding for advance royalty payments
• Conversion feature may reduce near-term cash outflow if converted

Negative

• Potential dilution of up to 3,300,000 common shares if fully converted
• Loan accrues 10% annual interest until maturity if not converted

VANCOUVER, BC / ACCESS Newswire / December 3, 2025 / Golden Lake Exploration Inc. ("Golden Lake" or the "Company") (CSE:GLM)(OTC PINK:GOLXF) announces that it has entered into an unsecured, convertible promissory note (the "Note") to borrow C$165,000 (the "Loan"). The Loan has a maturity date of October 29, 2026, and shall accrue interest at a rate of 10% per annum from the issue date, subject to earlier conversion.

The amount outstanding under the Loan is convertible into common shares of the Company ("Common Shares") at a conversion price of $0.05 per share. Any Common Shares issued pursuant to the conversion of the Loan shall be subject to a statutory hold period of four months and a day from the date of issuance in accordance with applicable securities law and the policies of the Canadian Securities Exchange. The Company intends to use the Loan for advance royalty payments owned under its Option Agreement with Greenlane Resources Ltd.

About Golden Lake Exploration Inc:

Golden Lake Exploration 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
TollFree: 1-888-945-4770

Neither the Canadian Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Golden Lake Exploration Inc.

View the original press release on ACCESS Newswire

FAQ

What did Golden Lake (GOLXF) announce on December 3, 2025?

Golden Lake announced an unsecured convertible promissory note to borrow C$165,000 with 10% interest and maturity on October 29, 2026.

At what price can the GOLXF loan be converted into common shares?

The outstanding loan amount is convertible at a conversion price of $0.05 per share.

How many shares could GOLXF issue if the C$165,000 note is fully converted?

If fully converted at $0.05, the loan could convert into up to 3,300,000 common shares.

What will Golden Lake use the proceeds of the C$165,000 loan for?

The company intends to use the Loan for advance royalty payments under its Option Agreement with Greenlane Resources Ltd.

Are converted GOLXF shares restricted after issuance?

Yes; any shares issued on conversion will be subject to a statutory hold period of four months and a day.