Vancouver, British Columbia – October 28, 2022 –Lake Winn Resources Corp. (NEX: LWR.H, OTC: EQTXF) (the “Company”) is pleased to announce that it will proceed with a non-brokered private placement (the “Offering”) of up to 20,000,000 non-flow through units (the “Units”) at a price of $0.05 per Unit for proceeds of up to $1,000,000. Certain members of the Company’s board and management may participate in the Offering.
Each Unit consists of one common share in the capital of the Company (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof to purchase one additional Share at a price of $0.10 per Share for a period of 12 months from the date of issuance.
The Company may pay a finder’s fee on the Offering within the amount permitted by the policies of the NEX Board of the TSX Venture Exchange (the “Exchange”).
Closing of the Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the Exchange. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. The Offering is not subject to a minimum aggregate amount of subscriptions.
Proceeds will be used to advance Li Lithium property, which encompasses a 13km by 5km swarm of Lithiumpegmatitesin the Northwest Territories, close to the Yukon Border. The property is 37 km north of the Cantung mine and 5 km from the nearest road access. Numerous close spaced pegmatite veins occur as subparallel dike swarms averaging 1m but ranging up to 5m wide. As well as containing lithium in spodumene, there are also concentrations of Tantalum, Cesium, and Tin.
The Company has 100% interest of the Li Property. There is a 2% NSR Royalty, to a third party.
The company plans to commence work immediately with geophysics and permitting with the plan to drill test in 2023.
The Company will also use part of the proceeds for general corporate working capital.
About Lake Winn
Lake Winn Resources Corp., is a Vancouver based exploration company, listed on the NEX Board of the TSX Venture Exchange (Symbol: LWR.H) focusing on exploration and development of lithium and gold projects in Canada. The company’s flagship property, the Cloud Project is in the province of Manitoba, in the Flin Flon Gold Belt approximately 40 kilometers north‐east of the town of Flin‐Flon. Access to the property is provided by Manitoba highway 10 to the all‐weather Kississing Lake Road. The company also has the Quartz property 76 kilometres east of Flin Flon where there are historic high grade gold drill intercepts.
On Behalf of the Board of Directors of Lake Winn Resources Corp.
Patrick Power
CEO and Director
Lake Winn Resources Corp.
Telephone: (604) 218-8772
“Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.”
Forward-looking Statements: Certain statements in this press release are “forward-looking statements” which reflect the Company’s current expectations and projections about future events and financial trends that it believes might affect its financial condition, results of operations, business strategy, and financial needs. In some cases, these forward-looking statements can be identified by words or phrases such as “may”, “might”, “will”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “indicate”, “seek”, “believe”, “estimates”, “predicts” or “likely”, or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Whether actual results, performance, or achievements will conform to the Company’s expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions, and other factors, including without limitation, those risks and uncertainties discussed elsewhere on the website at www.prosmartinc.com and in the Company’s filings on SEDAR. Investors should not place undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date hereof and is not obligated to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws.
