Mountain Lake Completes Non-Brokered Private Placement Financing with Sprott ... - MarketWatch (press release)
HALIFAX, Nova Scotia, Sep 16, 2011 (BUSINESS WIRE) -- Mountain Lake Resources Inc. /quotes/zigman/127436 CA:MOA 0.00% ("Mountain Lake" or the "Company") is pleased to announce that it has completed the non-brokered private placement (the "Offering") announced August 31, 2011 with Sprott Asset Management L.P. The Company placed 3,100,000 common share units (the "Units") of the Company at a price of $0.65 per Unit to raise gross proceeds of $2,015,000.
The Units consist of one common share and one-half of a transferable share purchase warrant (collectively, the "Warrants"). Each whole Warrant entitles the holder to purchase one additional common share of the Company at a price of $0.80 per share for a period of two years from the closing date.
The proceeds of this financing will be used to fund the Company's exploration and development work on its projects in Newfoundland, Canada and for general working capital purposes.
All securities issued in connection with this offering will be subject to a four-month hold period in accordance with securities regulation, until January 16, 2012.
About Mountain Lake Resources Inc.
Mountain Lake Resources Inc. /quotes/zigman/127436 CA:MOA 0.00% is a diversified junior exploration company, whose corporate strategy is to build shareholder value through the exploration and development of economically viable mineral properties all located on the pro-mining island of Newfoundland. Mountain Lake's current projects include: a 50% interest in the Valentine Lake gold property (drilling in progress) under the joint venture with Marathon Gold Corp.; a 100% interest in the Glover Island gold exploration property (drilling in progress); an option to earn a 100% interest in the Little River gold-antimony exploration property; a 100% interest in the Bobby's Pond base metals property. For more information visit: www.mountain-lake.com
ON BEHALF OF THE BOARD OF DIRECTORS
s/"Gary Woods"
President & CEO
NEITHER THE TSX VENTURE EXCHANGE, NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
SOURCE: Mountain Lake Resources Inc.
Mountain Lake Resources Greg Lytle Corporate Communications Manager N. America toll-free: (866) 285-5817 Int'l. & Vancouver: (604) 839-6946 Email: info@mountain-lake.com
Copyright Business Wire 2011
Volume: 10,500
Sept. 15, 2011 12:00a
Volume: 10,500
Sept. 15, 2011 12:00a
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