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Lake Winn Resources Corp. Amends Terms of Hard Dollar Private Placement Units
Vancouver, British Columbia--(Newsfile Corp. - September 30, 2020) - Lake Winn Resources Corp....
About this update from Lake Winn Resources Corp.
[{"type":"text","content":"Lake Winn Resources Corp. Amends Terms of Hard Dollar Private Placement UnitsVancouver, British Columbia--(Newsfile Corp. - September 30, 2020) - Lake Winn Resources Corp. (TSXV: LWR) (FSE: EEI) (OTC: EQTXF), (the \"Company\" or \"Lake Winn\"), announces that it has amended the terms of the non-flow-through private placement to raise an aggregate $1,500,000 previously announced on September 16, 2020 (the \"Hard Dollar Tranche\"). The non-brokered private placement of $1,250,000 in flow-through units (the \"FT Units\") of the Company at a subscription price of $0.10 per FT Unit will remain the same.Amended Non-Flow-Through Unit Offerings (Hard Dollar Tranche)The Company announces amendments to the terms of its non-brokered private placements of units. The first private placement of units will be offered at a subscription price of $0.10 per unit for gross aggregate proceeds of $665,000. Each unit will consist of one common share of the Company and one common share purchase warrant. Each warrant entitling the holder thereof to acquire one common share of the Company at a price of $0.20 for a period of two (2) years following the closing of the private placement.The second private placement of units will be offered at a subscription price of $0.12 per unit for gross aggregate proceeds of $835,000. Each unit will consist of one common share of the Company and one common share purchase warrant. Each warrant entitling the holder thereof to acquire one common share of the Company at a price of $0.16 for a period of three (3) years following the closing of the private placement.The combined Hard Dollar Tranche private placements will still raise approximately $1,500,000.A Finders fee is applicable on the private placements.The private placements are subject to the receipt of all necessary approvals, including the final approval of the TSX Venture Exchange.Shares for DebtLastly, the Company previously announced on September 16, 2020 that its board of directors has approved the settlement of up to $300,000 of trade payables debt through the issuance of common shares of the Company (the \"Debt Settlement\"). Pursuant to the Debt Settlement, the Company reported it would issue Debt Settlement shares at a deemed price of $0.115 per share to certain creditors of the Company (the \"Creditors\"). The Company will now issue the Debt Settlement sh...