- The company intends to issue up to 5,000,000 units at a price of C $0.03 per unit
- Each warrant is exercisable for one common share at a price of $0.07 for a period of two years
- The securities issued under the private placement will be subject to a hold period of four months
- Proceeds will be used to fund further exploration of its Old Nick and Letain Nickel Cobalt properties
- Margaret Lake Diamonds Inc is engaged in the exploration, development, and production of mineral properties focusing primarily on diamond exploration
- Margaret Lake Diamonds Inc. (DIA) is trading at C$0.04 per share
Margaret Lake Diamonds (DIA) intends to complete a non-brokered private placement.
The company intends to issue up to 5,000,000 units at a price of C $0.03 per unit.
Each unit will consist of one common share and one common share purchase warrant. Each warrant is exercisable for one common share at a price of $0.07 for a period of two years from the date of issue. Each warrant is callable by the company in the event its shares trade on the TSXV at a 10-day volume-weighted average price equal to or greater than $0.18.
The securities issued under the private placement will be subject to a hold period of four months and a day. Proceeds will be used to fund further exploration of its Old Nick and Letain Nickel Cobalt properties, contribute to and maintain the companies share in its Joint Venture with Arctic Star Diamond Exploration, legal, accounting and General Administrative costs.
Margaret Lake Diamonds Inc. (DIA) is trading at C$0.04 per share.