Golden Lake Exploration Announces Oversubscribed Financing Closed

Rhea-AI Summary

Golden Lake Exploration Inc. (CSE:GLM)(OTCQB:GOLXF) has successfully closed an oversubscribed non-brokered private placement, raising $791,750 by issuing 15,835,000 units at $0.05 per unit. Each unit comprises one common share and one transferable warrant, exercisable at $0.07 for 36 months. The proceeds will be used to advance the Jewel Ridge property in Nevada and for general working capital. The company paid $34,425 in finders' fees and issued 896,000 non-transferable finders' warrants, exercisable at $0.07 for 12 months. All shares issued are subject to a four-month hold period.

Positive

• Successful closure of an oversubscribed private placement
• Raised $791,750 in gross proceeds
• Proceeds to be used for advancing Jewel Ridge property and working capital

Negative

• Potential dilution of existing shareholders due to new share issuance

VANCOUVER, BC / ACCESSWIRE / September 13, 2024 / Golden Lake Exploration Inc. (CSE:GLM)(OTCQB:GOLXF)("GLM" or the "Company") is pleased to announce that further to its press release dated September 5, 2024, the Company has closed the non-brokered private placement. The Company issued 15,835,000 units (the "Units") at a price of $0.05 per Unit for aggregate gross proceeds of $791,750. Each Unit is comprised of one common share ("Share") and one transferable common share purchase warrant of the Company ("Warrant"). Each 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.

Proceeds raised will be used for advancing the Company's Jewel Ridge property in Nevada as well as for general working capital.

Finders' fees of $34,425 cash and 896,000 non-transferable finders' warrants were paid to arm's length parties. Each finder's Warrant will entitle the finder to purchase one Warrant Share of the Company for a 12-month period after the Closing Date at an exercise price of $0.07 per share.

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

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

How much did Golden Lake Exploration (GOLXF) raise in its recent private placement?

Golden Lake Exploration (GOLXF) raised $791,750 in gross proceeds through its recent oversubscribed non-brokered private placement.

What is the exercise price and duration of the warrants issued by Golden Lake Exploration (GOLXF)?

The warrants issued by Golden Lake Exploration (GOLXF) have an exercise price of $0.07 per share and are valid for a 36-month period after the closing date.

How will Golden Lake Exploration (GOLXF) use the proceeds from the private placement?

Golden Lake Exploration (GOLXF) will use the proceeds to advance its Jewel Ridge property in Nevada and for general working capital.

What finders' fees did Golden Lake Exploration (GOLXF) pay for the private placement?

Golden Lake Exploration (GOLXF) paid $34,425 in cash and issued 896,000 non-transferable finders' warrants as finders' fees for the private placement.