Mountain Lake's Management Provides Interim Bridge Loan for Glover Island Mining Lease
18.04.2013 | FSCwire
Glover Island is the Company's flagship gold exploration project on the island of NewfoundlandHalifax, Nova Scotia CANADA, April 18, 2013 /FSC/ - Mountain Lake Minerals Inc. (MLK - CNSX) ("Mountain Lake" or the "Company") has arranged an $88,000 interim bridge loan financing (the "Loan") from various directors, officers, and other private investors of the Company. Under the terms of the financing, the Loan will be interest free and repayable by the Company on or before September 30, 2013 (the "Maturity Date"). The Company expects to repay the Loan from the proceeds of the sale of a non-core mineral asset.
If the sale is not completed and the Loan is not repaid before the Maturity Date, then the Loan will be converted into common shares of the Company (the "Shares") at the sole election of the Company. The conversion price per share at which the Loan may be converted is $0.025 per share, which is equal to the 20-day volume weighted average trading price of the Shares. The Company has obtained an exemption from the CNSX's pricing policies for the conversion price of the Loan.
The proceeds of the financing will be used to pay the annual fee for the ten-year mining lease dated April 20, 2012 held by the Company on the Glover Island gold property, which is the Company's flagship mineral exploration project.
About Mountain Lake Minerals Inc.
Mountain Lake Minerals Inc. is a junior exploration company whose corporate strategy is to build shareholder value through the targeted exploration of its mineral properties. Mountain Lake's main projects are located on the pro-mining island of Newfoundland and include: a 100% interest in the Glover Island gold exploration property; a 100% interest in the Little River gold-antimony exploration property; and a 100% interest in the Bobby's Pond base metals property. For more information visit: www.mountain-lake.com.
ON BEHALF OF THE BOARD OF DIRECTORS
s/"Paul Smith"
President & CEO
For corporate, media, or investor inquiries, please contact:
Greg Lytle, Communications Manager
Phone: (604) 839-6946
Email: info@mountain-lake.com