Golden Lake Exploration Announces Financing

Rhea-AI Summary

Golden Lake Exploration Inc. (CSE:GLM)(OTCQB:GOLXF) has announced a non-brokered private placement to raise up to $750,000. The company plans to issue up to 15 million units at $0.05 per unit. Each unit consists of one common share and one transferable share purchase warrant, exercisable at $0.07 per share for 36 months. The proceeds will be used to advance the company's Jewel Ridge gold property in Nevada and for general working capital. Shares issued will be subject to a four-month hold period, and finders' fees may be payable. Golden Lake Exploration is focused on acquiring, exploring, and developing precious and base metal properties, with a particular emphasis on its Jewel Ridge property.

Positive

• Raising up to $750,000 in new capital
• Proceeds to be used for advancing Jewel Ridge gold property
• 36-month warrant exercise period provides potential for additional future funding

Negative

• Potential dilution for existing shareholders due to new share issuance
• Low unit price of $0.05 may indicate challenging market conditions or low investor confidence

VANCOUVER, BC / ACCESSWIRE / September 5, 2024 / Golden Lake Exploration Inc. (CSE:GLM)(OTCQB:GOLXF) ("GLM" or the "Company") announces that it has arranged a non-brokered private placement of up to 15 million units ("Units") at a price of $0.05 per Unit for aggregate gross proceeds of $750,000.00 (the "Offering"). Each Unit will be comprised of one common share ("Share") and one transferable Share purchase warrant of the Company ("Warrant"). Each whole Warrant will entitle the Subscriber to purchase one Warrant Share for a 36-month period after the Closing Date at an exercise price of $0.07 per share. Net proceeds of the Financing will be used to advance the Corporation's Jewel Ridge gold property near Eureka, Nevada and for general working capital purposes.

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

Finders' fees may be payable on the private placement, subject to the policies of the Canadian Securities Exchange.

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
TollFree: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 the original press release on accesswire.com

FAQ

What is the size and price of Golden Lake Exploration's (GOLXF) latest financing?

Golden Lake Exploration (GOLXF) is offering up to 15 million units at $0.05 per unit, aiming to raise a total of $750,000.

How will Golden Lake Exploration (GOLXF) use the proceeds from its September 2024 financing?

The proceeds will be used to advance Golden Lake Exploration's Jewel Ridge gold property near Eureka, Nevada, and for general working capital purposes.

What are the terms of the warrants included in Golden Lake Exploration's (GOLXF) financing units?

Each warrant allows the holder to purchase one additional share at $0.07 for a period of 36 months after the closing date of the financing.

When will the shares issued in Golden Lake Exploration's (GOLXF) September 2024 financing be free-trading?

The shares issued in the financing will be subject to a four-month hold period according to Canadian securities laws.