Correction - Margaret Lake Diamonds Inc. Announces Non-Brokered Flow Through Private Placement
TSXV: DIA
May 1, 2017, Vancouver, British Columbia - Margaret Lake Diamonds Inc. (TSXV:DIA, FSE:M85) (“Margaret Lake” or the “Company”) announces that further to the Company’s press release dated April 28, 2017, Margaret Lake corrects the terms of the announced non-brokered Flow Through Private Placement. The complete and corrected release is as follows:
Vancouver, British Columbia - Margaret Lake Diamonds Inc. (TSXV: DIA, FSE:M85) (the “Company”) announces a non-brokered Flow Through private placement (the "Offering") of up to 5,000,000 units (each a "Unit") at a price of $0.10 per Unit, for aggregate gross proceeds of up to $500,000. Each Unit shall consist of one Flow Through common share of the Company and one-half of one transferable non flow through common share purchase warrant ("Warrant"), with each whole Warrant entitling the holder thereof to acquire one additional non flow through common share at a price of $0.15 for a period of twelve (12) months following closing of the Offering.
The Company may pay finder's fees of 6% cash and 10% Units under the Offering in accordance with applicable securities laws and the policies of the Exchange. The net proceeds from the Offering will be used for the Company’s planned ground geophysical programs.
Closing of the Offering is subject to receipt of applicable regulatory approvals including the approval of the Exchange. The securities issued will be subject to a standard four month and one day hold period.
About Margaret Lake Diamonds Inc.
Margaret Lake Diamonds Inc. is a diamond exploration company focused on the Northwest Territories with the Margaret Lake property in proximity to Gahcho Kué, the new Canadian diamond mine owned by De Beers and Mountain Province Diamonds, and adjacent to the ongoing advanced exploration by Kennady Diamonds. In addition the Company has a joint venture with Arctic Star Exploration Corp. on the Diagras property in the Lac de Gras area in proximity to the Ekati and Diavik producing diamond mining operations. The Board of Margaret Lake Diamonds Inc. is comprised of persons with combined involvement of over 50 years in the Canadian diamond sector.
ON BEHALF OF THE BOARD OF DIRECTORS
“Paul Brockington”
Paul Brockington, President and Chief Executive Officer
For further information, please contact:
Margaret Lake Diamonds Inc.
Paul Brockington President and CEO Phone: 604-630-2810 Website: www.margaretlake.com
Forward-looking Information
This news release contains forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice.
The Company assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.