Golden Lake Exploration Financing Fully Subscribed

Rhea-AI Summary

Golden Lake Exploration Inc. (CSE:GLM)(OTCQB:GOLXF) announces that its recently announced private placement is now fully subscribed. The non-brokered offering consists of 15 million units at $0.05 per unit, aiming to raise $750,000 in gross proceeds. Each unit includes one common share and one transferable warrant, exercisable at $0.07 for 36 months. The funds will be used to advance the Jewel Ridge gold property in Nevada and for working capital. CEO Mike England expressed satisfaction with the response and stated that drilling is expected to commence by the end of September. The shares will be subject to a four-month hold period, and finder's fees may be payable.

Positive

• Successful full subscription of the private placement
• Raised $750,000 in gross proceeds
• Funds allocated for advancing Jewel Ridge gold property and working capital
• Drilling expected to commence by the end of September

Negative

• Potential dilution of existing shareholders due to new share issuance
• Four-month hold period on newly issued shares

VANCOUVER, BC / ACCESSWIRE / September 6, 2024 / Golden Lake Exploration Inc. (CSE:GLM)(OTCQB:GOLXF) ("GLM" or the "Company") reports that the private placement announced on September 5^th, 2024, is now fully subscribed. The financing arranged is 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 common 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 Company's Jewel Ridge gold property near Eureka, Nevada and for general working capital purposes.

"We are very pleased with the reaction to our financing announcement. These funds enable us to drill the first phase of high priority holes on our Jewel Ridge project in Nevada. We expect drilling to commence at the end of this month and will issue a press release confirming details once this financing closes at the end of next week." stated Mike England, CEO of Golden Lake.

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

Finder's 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) recent private placement?

Golden Lake Exploration's recent private placement consists of 15 million units priced at $0.05 per unit, aiming to raise $750,000 in gross proceeds.

How will Golden Lake Exploration (GOLXF) use the funds from the September 2024 private placement?

The funds will be used to advance the Company's Jewel Ridge gold property near Eureka, Nevada and for general working capital purposes.

When is Golden Lake Exploration (GOLXF) expected to commence drilling at the Jewel Ridge project?

According to CEO Mike England, drilling at the Jewel Ridge project is expected to commence by the end of September 2024.

What are the terms of the warrants included in Golden Lake Exploration's (GOLXF) September 2024 private placement?

Each warrant entitles the subscriber to purchase one share for a 36-month period after the closing date at an exercise price of $0.07 per share.