VANCOUVER, BC, July 4, 2022 /CNW/ - Glacier Lake Resources
Inc. (TSXV: GLI) (the "Company") is pleased to announce
that it is continuing to work towards satisfaction of the remaining
conditions to completion of its proposed acquisition (the
"Transaction") of the Kalahari Palladium-Platinum Project
("KalPlats") located in the Magisterial District of Vryburg
in North West South Africa. KalPlats is a palladium-rich
project located approximately 350 kilometres west of Johannesburg in the North West Province of
South Africa.
In connection with the Transaction, the Company previously
entered into a definitive share purchase agreement, dated
November 15, 2021, with African
Thunder Platinum Limited and Fanosi Holdings (Pty) Ltd., pursuant
to which the Company proposes to acquire a controlling interest in
Stella Platinum (Pty) Ltd. and Greenstone Platinum (Pty) Ltd.
(collectively, the "Owners"). The Owners control the
prospecting rights for KalPlats located in the Magisterial District
of Vryburg in North West South
Africa.
Completion of the Transaction remains subject to a number of
conditions, which include the Company completing a financing of at
least Cdn$15,000,000 (the
"Concurrent Financing") and receipt of any required
regulatory approvals, including the approval of the TSX Venture
Exchange (the "Exchange"). In order to ensure
sufficient time to satisfy the remaining conditions, the Owners
have agreed to further extend the outside date for completion of
the Transaction through until October 31,
2022.
The Transaction cannot be completed until these conditions have
been satisfied, and there can be no assurance that the Transaction
will be completed in a timely fashion, or at all. The Company
has not yet determined the final terms for the Concurrent Financing
and will issue a further news release with information regarding
the Concurrent Financing as soon as it becomes available.
For further information concerning the Transaction, readers are
encouraged to review the news release issued by the Company on
November 17, 2021.
Completion of the Transaction is subject to a number of
conditions, including Exchange acceptance. The Transaction
cannot close until the required approvals are obtained, and the
outstanding conditions are satisfied. There can be no
assurance that the Transaction will be completed as proposed or at
all.
Investors are cautioned that 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 the Company should be considered highly
speculative.
The Exchange has in no way passed upon the merits of the
proposed Transaction and has neither approved nor disapproved the
contents of this press release. Neither the Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward Looking Information
Information set forth in this document may include
forward-looking statements. While these statements reflect
management's current plans, projections and intents, by their
nature, forward-looking statements are subject to numerous risks
and uncertainties, some of which are beyond the control of the
Company. Readers are cautioned that the assumptions used in
the preparation of such information, although considered reasonable
at the time of preparation, may prove to be imprecise and, as such,
undue reliance should not be placed on these forward-looking
statements. There is no assurance the transactions noted above will
be completed on the terms as contemplated, or at all. The
Company's actual results, programs, activities and financial
position could differ materially from those expressed in or implied
by these forward-looking statements.
SOURCE Glacier Lake Resources Inc.
