Lake Winn Resources Corp. announced a non-brokered private placement to issue 7,500,000 special convertible warrants at an issue price of CAD 0.025 per share for the gross proceeds of CAD 187,500 on August 16, 2023. Each Special Warrant will entitle the holder to one common share of Gold Winn.

Each Special Warrant will automatically convert, without the payment of any additional consideration, into one Gold Winn Common Share on the date that is the earlier of the date on which the Spin-Out is completed and December 31, 2023. Closing of the Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.

The transaction may include participation from certain insiders.