Mayo Lake Minerals (CSE:MLKM) announces two non-brokered private placements, to raise gross proceeds of up to $1.4 million from a combination of regular and flow-through units. The net proceeds of the regular units will be used for general corporate purposes while the net proceeds of the flow-through units will be spent on the Anderson-Davidson, Carlin-Roop, and Trail-Minto properties.
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Video Transcript:
I’m Katriina Cotten for Investmentpitch Media, thanks for joining us today
Mayo Lake Minerals (CSE:MLKM) has announced two non-brokered private placements.
The company is looking to raise gross proceeds of up to $1.4 million from a combination of regular units and flow-through units.
The regular units are priced at $0.06 per unit and consist of one share and one-half a warrant with each full warrant exercisable at $0.10 per share for 36 months.
The flow-through units are priced at $0.08 per unit and consist of one share and one-half a warrant with each full warrant exercisable at $0.12 per share for 36 months.
The shares are currently trading at $0.06.
The company has, subject to certain net smelter royalties, a 100% interest in 1253 claims, totalling 244 square kilometres, in the Mayo Mining District in the Yukon Territory.
Its five claim groups all lie within the Tombstone Plutonic Belt of the Tintina Gold Province with four claim groups focused on gold and one on silver.
The Tombstone Gold Belt is home to Hecla Mining’s silver mine with resources of 87.6M indicated ounces of silver, and Victoria Gold’s Eagle Gold Mine with reserves of 3.3M ounces of gold.
The net proceeds of the regular units will be used for general corporate purposes while the net proceeds of the flow-through units will be spent on the Anderson-Davidson, Carlin-Roop, and Trail-Minto properties.
Dr. Vern Rampton, President & CEO, stated: "We see a great opportunity to increase shareholder value with the drilling of two priority gold in soil zones; one over 1.6 km in length and the other over 2.8 km in length at Anderson-Davidson. Both zones lie within the 3 by 16 km Anderson Gold Trend, where more than seven gold prospects have been identified. Trenching is also planned at our Carlin-Roop Silver project in the Keno Hill Silver District with the objective of discovering the in-rock source of float assaying up to 3,994g Ag/t along an expanded silver in soil anomaly with all soils running at ≥ 30g Ag/t. Finally, further exploration is planned at Trail-Minto where work to date suggests intrusion related veining (sheeted) such as that present at Victoria Gold's Eagle deposit, Banyon Gold's AurMac property and Snowline Gold's Valley deposit."
For more information, please visit the company’s website www.MayoLakeMinerals.com, call 613-836-2594 or contact Vern Rampton, President and CEO, at VRampton@MayoLakeMinerals.com, Tyrell Sutherland, VP Exploration at TSutherland@MayoLakeMinerals.com, or Darrell Munro, Corporate Administration at DMunro@MayoLakeMinerals.com.
I’m Katriina Cotten for Investmentpitch Media
