TSX-V: ARL.P
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OFFER OR SALE OF SECURITIES IN THE UNITED
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TORONTO, Dec. 6, 2023
/CNW/ - Aurum Lake Mining Corporation ("Aurum" or
the "Company") is pleased to announce that further to
its news releases of November 8, 2023
and December 4, 2023, it has
completed a non-brokered private placement (the "Concurrent
Financing") of 5,000,000 common shares (the "Common
Shares") in the capital of Aurum at a price of $0.40 per Common Share and 240,000 common shares
in the capital of Aurum, which will be designated as a flow-through
shares ("FT Shares") pursuant to the Income Tax Act
(Canada), at a price of
$0.50 per FT Share for aggregate
proceeds of $2,120,000.
The Concurrent Financing was undertaken in connection with the
previously announced Qualifying Transaction (as such term is
defined in TSX Venture Exchange Policy 2.4 - Capital Pool
Companies) to acquire a 100% interest of certain mineral claims
known as the Homathko Gold Project (the "Transaction"),
located in the Province of British
Columbia (the "Homathko Property") pursuant to an
option agreement with Transition Metals Corp. Aurum intends to use
the proceeds from the Concurrent Financing to fund the exercise of
the Option, the exploration of the Homathko Property, and to
satisfy the general working capital of the Company following the
Transaction.
In connection with the Concurrent Financing, Aurum paid
aggregate fees of paid aggregate fees to certain arm's length
finders in the amount of $99,000 and
issued common share purchase warrants ("Finder's Warrants")
to purchase 247,500 Common Shares at a price of $0.40 per Common Share for a period of 24 months
from the date of issuance of the respective Finder's Warrant.
Cautionary Note
Completion of the Transaction is subject to a number of
conditions including, without limitation, the receipt of all
requisite regulatory approvals (including the approval of the TSX
Venture Exchange (the "Exchange")) and other conditions that
are customary for a transaction of this nature. Where applicable,
the Transaction cannot close until the required approvals have been
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
continuous disclosure document containing full, true and plain
disclosure regarding the Transaction, required to be filed with the
securities regulatory authorities having jurisdiction over the
affairs of the Company, any information released or received with
respect to the Transaction may not be accurate or complete and
should not be relied upon. The trading in the securities of
the Company on the Exchange, if reinstated prior to completion of
the Transaction, should be considered highly speculative.
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.
For further information please contact:
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 contains forward-looking statements and
information that are based on the beliefs of management and reflect
Aurum's current expectations. When used in this press release, the
words "estimate", "project", "belief", "anticipate", "intend",
"expect", "plan", "predict", "may" or "should" and the negative of
these words or such variations thereon or comparable terminology
are intended to identify forward-looking statements and
information. The forward-looking statements and information in this
press release include information relating to the completion of
Transaction, the anticipated use of proceeds from the Concurrent
Financing, and receiving approvals for the closing of the
Transaction. Such statements and information reflect the current
view of Aurum. Risks and uncertainties that may cause actual
results to differ materially from those contemplated in those
forward-looking statements and information.
By their nature, forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause our
actual results, performance or achievements, or other future
events, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, the
following risks: there is no assurance that Aurum will obtain all
requisite approvals for the Transaction or fulfill all the
conditions and obligations required for the completion of the
Transaction, including the approval of the Exchange. There are a
number of important factors that could cause Aurum's actual results
to differ materially from those indicated or implied by
forward-looking statements and information. Such factors include,
among others: currency fluctuations; limited business history of
Aurum; disruptions or changes in the credit or security markets;
disruption of results of operation activities and development of
the Homathko Property; unanticipated costs and expenses; and
general market and industry conditions.
Aurum cautions that the foregoing list of material factors is
not exhaustive. When relying on Aurum's forward-looking statements
and information to make decisions, investors and others should
carefully consider the foregoing factors and other uncertainties
and potential events. Aurum has assumed that the material factors
referred to in the previous paragraph will not cause such
forward-looking statements and information to differ materially
from actual results or events. However, the list of these factors
is not exhaustive and is subject to change and there can be no
assurance that such assumptions will reflect the actual outcome of
such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS
RELEASE REPRESENTS THE EXPECTATIONS OF AURUM AS OF THE DATE OF THIS
PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH
DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING
INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY
OTHER DATE. WHILE AURUM MAY ELECT TO, IT DOES NOT UNDERTAKE TO
UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED
IN ACCORDANCE WITH APPLICABLE LAWS.
This press release is not an offer of the securities for sale
in the United States. The securities have not been registered
under the U.S. Securities Act of 1933, as amended, and may not be
offered or sold in the United
States absent registration or an exemption from
registration. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy nor shall
there be any sale of the securities in any state in which such
offer, solicitation or sale would be unlawful.
Neither the 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 press release.
SOURCE Aurum Lake Mining Corporation