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Margaret Lake Diamonds Inc. Announces Closing of $400,000 Private Placement
(TheNewswire) V ancouver , BC - TheNewswire - February 16, 2023 - Marga...
About this update from Vault Strategic Mining Corp.
[{"type":"text","content":"Margaret Lake Diamonds Inc. Announces Closing of $400,000 Private Placement\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n V\n \n \n ancouver\n \n \n , BC -\n \n \n TheNewswire -\n \n \n February 16, 2023 -\n \n \n Margaret Lake Diamonds Inc.\n \n \n (\"MLD\" or the\n\"Company\") (TSXV:DIA) (FKT:M85) (OTC:DDIAF)\n \n \n has closed its previously announced\n \n \n non-brokered private placement (the “\n \n \n \n Offering\n \n \n \n ”) for gross proceeds of $400,000.\n \n \n \n \n The Company issued 20,000,000 units for $0.02 per unit.\nEach unit consists of one common share in the capital of the Company\nand one transferable common share purchase warrant.\n \n \n \n \n Each warrant will be exercisable to purchase one common\nshare at a price of $0.05 per share within 36 months.\n \n \n Warrants are subject to an acceleration clause in the event\nthe Company's common shares trade on the TSX Venture Exchange (the\n\"\n \n \n TSX-V\n \n \n \") at a 10-day volume weighted average price equal to or\ngreater than $0.075.  The Company may accelerate the expiry of the\nWarrants by giving notice to hold\n \n \n \n \n ers of Warrants and issuing a news\nrelease announcing the reduced Warrant term whereupon the Warrants\nwill expire on the 30\n \n \n th\n \n \n calendar days after the date of such news\nrelease.\n \n \n \n \n The Warrants contain certain provisions such that the\nWarrant Holder shall only be entitled to exercise the Warrants to the\nextent that the Warrant Holder will own (together with any person\nacting jointly or in concert with the Warrant Holder), directly or\nindirectly, less than 10% of the issued and outstanding Shares of the\nCompany immediately following such exercise.\n \n \n \n \n All securities issued are subject to a statutory\nfour-month hold period. No finders’ fees were payable and no Control\nPerson (as such term is defined in the policies of the TSX-V) was\ncreated as a result of the closing of the Offering.\n \n \n The closing of the Offering is subject to receipt of all\nnecessary regulatory approvals including the TSX-V.\n \n \n \n \n The proceeds from the Offering will be used to advance\nthe Company’s exploration projects, filing fees/regulatory fees,\nlegal, audit, administrative, accounting expenses related to its\nrescinded MCTO, Canada Rev...