Vancouver, November 27th, 2020 - Lake Winn Resources Corp.
(TSXV:LWR), (Frankfurt:EEI), (OTC:EQTXF), (the "Company" or "Lake Winn"), is pleased to announce that further to its news release dated September 16, 2020, the Company has received final approval of the TSX Venture Exchange (the "TSXV") in respect of the proposed acquisition of the Blueberry property (the "Property") from W.S. Ferreira Ltd. (the "Vendor") which is located near Blueberry Lake, Manitoba (the "Transaction").
The Property is being acquired in consideration of: (i) the issuance of 2,000,000 common shares of Lake Winn to the Vendor, (ii) a cash payment to the Vendor in the amount of $265,000 and (iii) the issuance to the Vendor of a net smelter royalty of 2% on production generated on the Property which may be purchased by Lake Winn for a total cash payment to the Vendor in the amount of $1,000,000.
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 release.
The Company has agreed to pay a certain eligible third party an aggregate cash finder's fee in the amount of $47,625 in connection with the Transaction.
All securities issued in connection with the Transaction will be subject a statutory hold period of four months and one day from the date of issuance, in accordance with applicable securities legislation.
For further information contact:
CEO and Director
Lake Winn Resources Corp.
Telephone: (604) 218-8772
Cautionary Statement Regarding "Forward-Looking" Information
Certain statements contained in this press release may constitute forward-looking statements. Such forward-looking statements are based upon the Company's reasonable expectations at the date hereof, which are subject to change depending on economic, political and competitive circumstances and contingencies. Readers are cautioned that such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause a change in such assumptions and the actual outcomes and estimates to be materially different from those estimated or anticipated future results, achievements or position expressed or implied by those forward-looking statements. Risks, uncertainties and other factors that could cause the Company's plans or prospects to change include changes or disruptions in the securities markets; legislative, political or economic developments. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or "U.S. Persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES