Business
Mayo Lake Minerals Boosts Its Ongoing Placement to $827,084
Ottawa, Ontario--(Newsfile Corp. - January 8, 2025) - Mayo Lake Minerals Inc. (CSE: MLKM) (Company or Mayo) is pleased to report that it has closed another tran
About this update from Mayo Lake Minerals, Inc.
[{"type":"text","content":" Ottawa, Ontario--(Newsfile Corp. - January 8, 2025) - Mayo Lake Minerals Inc. (CSE: MLKM) (Company or Mayo) is pleased to report that it has closed another tranche of its ongoing $1.4M private placement (Ongoing Placement) for a total of 1,868,333 common share Units (CS Units) at $0.06 per CS Unit grossing $112,100. This brings the cumulative amount raised under the Ongoing Placement to $827,084. Each CS Unit consists of one common share and one whole warrant exercisable into one additional common share at $0.09 for a period of four years from closing. The issued securities are subject to a statutory hold period of four (4) months and one day after the closing date. The balance of the Ongoing Placement, approximately $570,000 remains open and Mayo is planning to close additional tranches. The proceeds will be used for general corporate purposes, including the initiation and completion of a placement required to facilitate the proposed merger as detailed below. The Proposed Merger with WestMountain Gold, Inc. Mayo continues to focus on pursuing a C$7.5M± financing (Merger Placement), supporting a potential merger with WestMountain Gold, Inc (WMG). We anticipate that the Merger Placement could be completed by April 15, 2025 or shortly thereafter. Upon Mayo sourcing investors for the Merger Placement and the parties having a sense of the total funds being raised plus the valuations given to the merged company, WMG will reignite negotiations to complete a new definitive merger agreement. Due to changes in a number of factors, primarily the financial circumstances of the parties and the financial markets as a whole, this agreement will vary from the original non-binding letter of intent (LOI) I executed on August 2 of 2023. See Mayo's press release dated August 17,2023. ..The terms of the original LOI will be the starting point for negotiations. Some terms will be shaped according to the final structure of the Merger Placement. There can be no assurance that Mayo will be able to raise the necessary capital to restart negotiations with WestMountain within a reasonable period of time. Proposed Merged Companies. The company resulting from the Proposed Merger would hold a well-diversified group of highly prospective gold properties covering over 400 square km within the Tintina Gold Province, highlighted by WMG's advanced-stage Terra pr...