Business
Lakewood Exploration Completes Acquisition of Silver Hammer and Non-Brokered Private Placement
Vancouver, British Columbia – TheNewswire - June 16, 2021 - Lakewood Exploration Inc. (CSE:LWD) (OTC:LWDEF) (CNSX:LWD.CN) (the “Company” or “Lakewood”) announce
About this update from Silver Hammer Mining Corp
[{"type":"text","content":"Vancouver, British Columbia – TheNewswire - June 16, 2021 - Lakewood Exploration Inc. (CSE:LWD) (OTC:LWDEF) (CNSX:LWD.CN) (the “Company” or “Lakewood”) announces that, further to its news release of May 31, 2021, it has completed the acquisition (the “Acquisition”) of all the issued and outstanding securities of Silver Hammer Mining Corp. (“Silver Hammer”) pursuant to the terms of a share exchange agreement dated May 31, 2021 (the “Definitive Agreement”) between the Company, Silver Hammer and the shareholders of Silver Hammer. The Company is also pleased to announce that it has closed its non-brokered private placement (the “Private Placement”) for total gross proceeds of CAD$3,521,490. In connection with the Acquisition, the Company issued an aggregate of 8,000,000 common shares in the capital of the Company (the “Payment Shares”) pro rata to the Silver Hammer securityholders at a deemed price of $0.25 per Payment Share. In connection with the Acquisition, the Company also issued 500,000 common shares with a deemed price of $0.25 per share to an arm’s length third party as a finder’s fee. Silver Hammer owns a 100% interest in a prospective, past producing silver-gold project located in Idaho, United States, being the Silver Strand Project. For additional details regarding the Silver Strand Project, see the Company’s news release dated May 31, 2021, available under the Company’s SEDAR profile at www.sedar.com. In connection with the Private Placement, the Company issued a total of 14,085,960 units (the “Units”) at CAD$0.25 per Unit for total gross proceeds of CAD$3,521,490. Each Unit is comprised of one common share (a “Share”) of the Company and one-half of one transferable common share purchase warrant (each whole warrant a “Warrant”). Each whole Warrant entitles the holder to purchase one additional Share at any time at a price of $0.50 for a period of 24 months from the closing date of the Private Placement provided that, in the event that the closing price of the Company’s Shares on the Canadian Securities Exchange (or such other exchange on which the Company’s Shares may become traded) is $0.60 per Share or greater during any ten (10) consecutive trading day period at any time subsequent to four months and one day after the closing date, the Warrants will expire at 4:00 p.m. (Vancouver time) on the 30th day after the date ...