Mayo Lake Minerals Announces Private Placement of Common Share Units

About this update from Mayo Lake Minerals, Inc.

[{"type":"text","content":" OTTAWA, ON / ACCESSWIRE / February 28, 2023 / Mayo Lake Minerals Inc. (‘Mayo' or the ‘Company') (CSE:MLKM) is pleased to announce a Private Placement (‘Offering') of up to 7,000,000 common share units (‘CS Units') at $0.06 per CS Unit for up to $420,000 in gross proceeds on a ‘best efforts' basis with a proposed closing date of on or about March 16th (‘the Closing Date') subject to the discretion of the directors. Each CS Unit will be comprised of one common share (‘Common Share') and one whole Common Share purchase warrant (‘CS Warrant'). Each whole CS Warrant is exercisable into one Common Share at a price of $0.10 per Common Share for a period of 36 months from the closing date. In the event of multiple closings, the day of the final closing will be the Closing Date of record. The securities issued pursuant to the Offering will be subject to a statutory hold period in Canada of four (4) months and one day after the Closing Date. Securities held by residents in the United States will bear a legend regarding re-sale into the United States which will be removed on request to the Corporation. Finders that source investments in the Offering may earn a cash commission of up to 7% and warrants (‘Finder Warrants') valid for three years to purchase that number of Common Shares at a price of $0.06 that is equal to 7% of the number of CS Units sold by such Finder. The net proceeds received by the Corporation will primarily be used to cover working capital needs, property acquisitions and general operating costs. The Common Share Units will be offered for sale to purchasers in: (i) all of the provinces and territories of Canada pursuant to available prospectus exemptions; (ii) the United States on a private placement basis only under Regulation D, Rule 144A or other available U.S. registration exemptions and (iii) jurisdictions outside of Canada and the United States, in accordance with all applicable laws provided that no prospectus, registration statement or similar document is required to be filed in such jurisdiction and the Corporation does not thereafter become subject to continuous disclosure obligations in such jurisdictions. Dr. Vern Rampton, President & CEO of the Company said, \"We continue to make excellent exploration progress at our Carlin-Roop Silver Project in the Keno Hill Silver District and see a terrific opportun...

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