Mountain Lake Announces Private Placement
$1,200,000 to be raised through Scarsdale Equities, LLC
Halifax, Nova Scotia ??? February 20, 2008 ??? Mountain Lake Resources Inc. (TSX-V: MOA) (???Mountain Lake??? or the ???Company???) is pleased to announce that Scarsdale Equities, LLC (???Scarsdale???) has been engaged as the exclusive agent in connection with a brokered private placement (the ???Offering???) to raise $1,200,000. Under the terms of the Offering, Scarsdale will place 2,000,000 common share units (the ???Units???) of the Company.
Each Unit will be offered at a price of $0.60 and will consist of one common share and one-half of one common share purchase warrant, with each full warrant exercisable at a price of $0.75 per common share for a period of 24 months following the close of the offering.
Upon closing of the Offering, Scarsdale will receive a commission of 7% of the gross proceeds raised payable in Units of the Company on the same terms as the Units of the Offering.
The net proceeds from the Offering will be used to finance the Company???s 2008 exploration and development programs, and for general working capital purposes.
The offering is subject to TSX Venture Exchange approval. All securities issued in connection with this offering will be subject to a four-month hold period in accordance with securities regulation.
About Scarsdale Equities, LLC
Scarsdale Equities LLC is a registered broker/dealer, SPIC and FINRA member firm headquartered in New York. The firm serves as a placement agent in private securities transactions and participates in public offerings both as an underwriter and in selling groups. Corporate finance activities are concentrated in mining, energy and energy services, and health care. For more information visit: www.scarsdale-equities.com
About Mountain Lake Resources Inc.
Mountain Lake Resources Inc. (TSX-V: MOA) is a diversified junior mining and exploration company whose corporate strategy is to build shareholder value through the exploration and development of economically viable mineral properties. Current projects include: a 100% interest in the Bobby???s Pond Base Metal Project; the Valentine Lake Gold Project, in which Richmont Mines Inc. is earning a 70% interest; and a 16.2% stake in Etruscan Diamonds Limited, a producing Diamond miner in South Africa. For more information visit: www.mountain-lake.com
For corporate, media, or investor inquiries, please contact:
Greg Lytle,
Lytle & Associates
North America toll-free: (866) 285-5817
International & Vancouver: (604) 839-6946
Email: info@mountain-lake.com
ON BEHALF OF THE BOARD OF DIRECTORS
s/???Gary Woods???
President & CEO
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
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Perilya Limited
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PRODUCER |
CODE : PEM.AX |
ISIN : AU000000PEM8 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Perilya Ltd. is a zinc and lead producing company based in Australia. Perilya Ltd. produces zinc, lead, silver in Australia, develops cobalt, copper and silver in Australia, and holds various exploration projects in Australia. Its main assets in production are BROKEN HILL - POTOSI and BROKEN HILL in Australia, its main asset in development is MOUNT OXIDE in Australia and its main exploration properties are ROCKHAMPTON, BROKEN HILL EXTENDED, BROKEN HILL SOUTHERN EXTENSIONS, FLYING DOCTOR, NORTHERN LODES, PINNACLES (BROKEN HILL EXTENDED), FLINDERS and BROKEN HILL DISTRICT in Australia and TAMPANG in Malaysia. Perilya Ltd. is listed in Australia and in Germany. Its market capitalisation is AU$ 184.1 millions as of today (US$ 162.7 millions, € 119.3 millions). Its stock quote reached its highest recent level on January 05, 2007 at AU$ 5.80, and its lowest recent point on November 28, 2008 at AU$ 0.09. Perilya Ltd. has 526 075 563 shares outstanding. |