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Mayo Lake Minerals Placement Stands at $714,984 with Closing of Latest Tranche
Mayo Lake Minerals & WestMountain Gold Continuing Progress Toward Merger; 1,933,432 oz Au at 2.2g Au/t and 3,194,680 oz Ag at 4.7g Ag/t Ottawa, Ontario--(Newsfi
About this update from Mayo Lake Minerals, Inc.
[{"type":"text","content":" Mayo Lake Minerals & WestMountain Gold Continuing Progress Toward Merger; 1,933,432 oz Au at 2.2g Au/t and 3,194,680 oz Ag at 4.7g Ag/t Ottawa, Ontario--(Newsfile Corp. - October 4, 2024) - Mayo Lake Minerals Inc. (CSE: MLKM) (Mayo or Company) is pleased to report that further to its release of May 3, 2024, it has closed a subsequent tranche of its ongoing $1.4M private placement consisting of 2,333,334 Common Share (CS) Units at $0.06 per CS Unit totaling $140,000.04; bringing the total to date to $714,984.10. No finders fees are payable. 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 the date of issuance. The securities issued pursuant to the offering are subject to a statutory hold period of four (4) months and one day after the closing date. Proceeds will be used for general corporate purposes and matters related to the advancement and closing of the merger. The balance of the placement remains open to completion. The Proposed Merger, Concurrent Financing and Further Developments As last updated on September 6, Mayo and WestMountain Gold, Inc. (WestMountain) continue to work toward the completion of a definitive merger agreement in conjunction with a planned $7.5M financing (Merger Financing). The greater part of the $7.5M will be focused on enhancing and upgrading the newly expanded resources at WestMountain's Terra Project (Terra). In 2020 and subsequently in 2023, R.J. Robinson1 reported combined inferred and indicated resources of 703,300 oz gold (Au) and 929,427 oz silver (Ag) through high-grade narrow vein underground mining and 2,511,480 oz Au and 4,356,437 oz Ag through bulk mining at Terra. See Schedule A for details of the indicated and inferred resources. Dr. Vern Rampton, P. Eng. (Ont.) recently reexamined Robinson's resource calculations for Terra and concluded that the combined indicated and inferred resources of 1,933,432 oz Au and 3,194,680 oz Ag are potentially the most definable resources for the drilled-out areas of Terra's Ben and Fish zones. See Table 1 for details of the indicated and inferred resources (Press Release July 25, 2024). https://www.mayolakeminerals.com/uploads/1/4/1/8/141817088/mayo_lake_minerals_inc._boosts_post_merger_resources_final_july_25_2024.pdf The Merged Company (Mergc...