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TORONTO, Dec. 4, 2023
/CNW/ - Aurum Lake Mining Corporation ("Aurum" or
the "Company") announces further to its news release of
November 8, 2023, an update to the
terms of the previously announced non-brokered private placement
(the "Concurrent Financing") in connection with the
Company's qualifying transaction (the "Transaction").
The amended Concurrent Financing will now consist of both common
shares ("Common Shares") at a price of $0.40 per Common Share and flow-through shares
("FT Shares") at a price of $0.50 per FT Share to raise minimum proceeds of
at least $2,000,000.
Aurum intends to use the proceeds from the Concurrent Financing
to fund the exercise of Aurum's option to acquire a 100% interest
of certain mineral claims known as the Homathko Gold Project,
located in the Province of British
Columbia (the "Homathko Property"), the exploration
of the Homathko Property, and to satisfy the general working
capital of the resulting issuer following the Transaction.
In connection with the Concurrent Financing, Aurum will pay a
finder's fee consisting of (i) a cash commission in the amount of
6% of the gross proceeds raised in the Concurrent Financing from
persons introduced to Aurum by the finder (the "Cash Fee")
and (ii) compensation warrants ("Finder's Warrants") equal
to 6% of the aggregate Common Shares subscribed for by persons
introduced to Aurum by the finder. The payment of the Cash Fee and
the issuance of the Finder's Warrant will occur upon on completion
of the Transaction. Each Finder's Warrant entitles the holder
thereof to purchase one Common Share at an exercise price of
$0.40 per Common Share for a period
of twenty-four (24) months from the date of issuance of the
respective Finder's Warrant. Assuming a Concurrent Financing of
$2,000,000, the Company will issue up
to 300,000 Finder's Warrants pursuant to the Concurrent
Financing.
Completion of the Transaction is subject to the satisfaction of
the conditions of the TSX Venture Exchange including completion of
the Concurrent Financing.
About Aurum Lake Mining Corporation
The Company is a capital pool company created under Policy 2.4
of the TSX Venture Exchange ("TSXV"). It does not own any
assets, other than cash or cash equivalents. The principal business
of the Company is to identify and evaluate opportunities for the
acquisition of an interest in assets or businesses and, once
identified and evaluated, to negotiate an acquisition or
participation so as to complete a Qualifying Transaction (as such
term is defined in the policies of the TSXV). Any proposed
Qualifying Transaction must be approved by the TSXV and, in the
case of a non-arm's length Qualifying Transaction, must also
receive majority approval of the minority shareholders. Until the
completion of a Qualifying Transaction, the Company will not carry
on any business other than the identification and evaluation of
businesses or assets with a view to completing a proposed
Qualifying Transaction.
Completion of the Transaction is subject to a number of
conditions, including, but not limited to, Exchange acceptance and,
if applicable pursuant to Exchange requirements, majority of the
minority shareholder approval. Where applicable, the Transaction
cannot close until the required shareholder approval is obtained.
There can be no assurance that the Transaction will be completed as
proposed or at all.
Investors are cautioned that, except as disclosed in the
management information circular or filing statement to be prepared
in connection with the Transaction, any information released or
received with respect to the Transaction may not be accurate or
complete and should not be relied upon. Trading in the securities
of a capital pool company should be considered highly
speculative.
Neither TSX Venture Exchange nor its Regulations Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Forward-Looking Statements
This press release may contain certain "forward-looking
statements." Forward-looking statements involve known and unknown
risks, uncertainties, assumptions and other factors that may cause
the actual results, performance or achievements of the Company to
be materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. These forward-looking statements or information may
relate to the Transaction, the Concurrent Financing, and various
approvals required in connection with the Transaction and the
Concurrent Financing, the reliability of third-party information
and other factors or information Any forward-looking statement
speaks only as of the date of this news release and, except as may
be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or
otherwise.
SOURCE Aurum Lake Mining Corporation