Golden Lake Announces Convertible Promissory Note

Rhea-AI Summary

Golden Lake Exploration (OTCQB:GOLXF) has announced plans to enter into an unsecured, convertible promissory note to borrow C$50,000. The loan will mature on December 31, 2025, with a 10% annual interest rate. The outstanding amount can be converted into common shares at $0.05 per share, subject to a four-month statutory hold period.

The company plans to use the funds to make payments to the U.S. Bureau of Land Management to maintain its Jewel Ridge claims in good standing.

Positive

• Secured C$50,000 in financing to maintain mining claims
• Flexible conversion option at $0.05 per share

Negative

• Relatively high interest rate of 10% per annum
• Potential dilution for existing shareholders through share conversion
• Small financing amount suggests limited financial flexibility

VANCOUVER, BC / ACCESS Newswire / August 24, 2025 / Golden Lake Exploration Inc. ("Golden Lake" or the "Company") (CSE:GLM)(OTCQB:GOLXF) announces that it proposes to enter into an unsecured, convertible promissory note (the "Note") to borrow C$50,000 (the "Loan"). The Loan has a maturity date of December 31, 2025, 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 payments to the U.S. Bureau of Land Management to keep the Company's Jewel Ridge claims in good standing.

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
Toll Free: 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

View the original press release on ACCESS Newswire

FAQ

What are the key terms of Golden Lake's (GOLXF) convertible note announced in August 2025?

The convertible note is for C$50,000, carries a 10% annual interest rate, matures on December 31, 2025, and is convertible to shares at $0.05 per share.

How will Golden Lake (GOLXF) use the proceeds from the convertible note?

The proceeds will be used for payments to the U.S. Bureau of Land Management to maintain the company's Jewel Ridge claims in good standing.

What is the conversion price for Golden Lake's (GOLXF) promissory note?

The conversion price is set at $0.05 per common share, with converted shares subject to a four-month statutory hold period.

When does Golden Lake's (GOLXF) convertible note mature?

The convertible note has a maturity date of December 31, 2025.

What is the holding period for shares converted from Golden Lake's (GOLXF) promissory note?

Converted shares are subject to a statutory hold period of four months and one day from the date of issuance.