Lake Winn Announces Grant of Stock Options and Restricted Share Units
May 26, 2023 – Vancouver, British Columbia – Lake Winn Resources Corp. (“Lake Winn” or the “Company”) announces that it has granted an aggregate of 3,000,000 stock options (“Options”) and 1,000,000 restricted share units (“RSUs and, together with the Options, the “Awards”) to certain officers, directors and consultants of the Company. The awards were granted in in accordance with the Company’s Omnibus Incentive Plan and are in consideration for services provided by the officers, directors and consultants for the period ended May 26, 2023.
The Options are exercisable at a price of $0.075 per share for a period of five years from the date of grant. The RSUs were issued at a deemed price of $0.075 per RSU.
The RSUs vest one year from the date of grant, subject to certain exemptions, and each RSU entitles the holder to receive one share of the Company, or in certain circumstances a cash payment equal to the value of one share of the Company, at the time the RSU becomes payable pursuant to the terms of the applicable RSU award agreement.
Lake Winn Resources Corp, is a mineral exploration company focused on advancing the 100% owned Little Nahanni Lithium project (“LNLP”) that is located in the Northwest Territories on the NWT/Yukon Border covering 7,080 hectares that includes a 13 km long, and up to 500m wide, lithium, cesium, and tantalum (“LCT”) pegmatite vein swarm. Many individual mineralized veins are up to 10m thick. The project has had historic drilling and channel sampling that confirm significant lithium, tantalum, cesium, and tin.
The Company is awaiting final analyses and interpretation from a recently completed property wide magnetometer study expected shortly. The preliminary data has shown striking linear magnetic responses, with one zone lining up with the known pegmatite trend (see Figure 1) and with a second stronger linear anomaly representing a new potential pegmatite target (see Press Release dated January 26th, 2023).
Figure 1: Previous Magnetometer Representing Approximately 25% of the Property. Close-up of previously completed magnetometer data.
The Company was recently issued a 5 year exploration permit inclusive of drilling, trenching, and channel sampling (see Press Release date May 95h, 2023).
ON BEHALF OF THE BOARD OF DIRECTORS OF LAKE WINN RESOURCES CORP.
Patrick Power, President & CEO +1 (604) 218-8772 [email protected] www.lakewinn.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding “Forward-Looking” Information
This news release contains “forward-looking statements” including but not limited to statements with respect to Arctic Star’s plans, the estimation of a mineral resource, and the success of exploration activities. In this release, it is not certain if the kimberlite discovered will be economic or not as this depends on many factors. Forward-looking statements, while based on management’s best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Factors that could affect our plans include our potential inability to raise funds as intended, and in such event, we may require all funds raised, if any, to be used for working capital rather reliance on forward‐looking statements. Arctic Star undertakes no obligation or than the intended uses as outlined. Accordingly, readers should not place undue responsibility to update forward‐looking statements, except as required by law.