TSX-V: ARL.P
TORONTO, July 19,
2022 /CNW/ - Aurum Lake Mining
Corporation (the "Company") is pleased to
announce that it has completed its initial public offering of
3,500,000 common shares in the capital of the Company (the
"Shares") at a price of $0.10
per Share for gross proceeds of $350,000 (the "Offering") pursuant to a
prospectus dated May 13, 2022 (the
"Prospectus") filed with the British Columbia, Alberta, and Ontario Securities Commissions.
The Company's Shares are expected to commence trading as a Capital
Pool Company on Tier 2 of the TSX Venture Exchange (the
"TSXV") on or around July 21,
2022 under the symbol ARL.P.
The net proceeds of the Offering, together with the proceeds
from prior sales of common shares will be used by the Company to
identify and evaluate assets or businesses for acquisition with a
view to completing a "Qualifying Transaction" under the capital
pool company program of the TSXV.
Research Capital Corporation (the "Agent") acted as lead
agent for the Offering. Pursuant to the Offering, the Company paid
to the Agent: (1) a cash commission of $28, 000, equal to eight percent (8.0%) of the
gross proceeds raised from the Offering, (2) a non-refundable work
fee in the amount of $20,000 (plus
GST), and (3) granted to the Agent and its sub-agents 280,000
non-transferrable warrants to purchase that number of common
shares equal to eight percent (8.0%) of the Shares sold pursuant to
the Offering (the "Agent's Warrants"), each such Agent's
Warrant being exercisable for a period of 24 months from the
closing date of the Offering at an exercise price of $0.10 per common share.
As of the date hereof, the Company has 16,500,000 Shares issued
and outstanding, of which 13,000,000 Shares are subject to escrow
restrictions pursuant to the policies of the TSXV.
About Aurum Lake Mining Corporation
The Company is designated as a Capital Pool Company under Policy
2.4 of the TSXV. The Company has not commenced commercial
operations and has no assets other than cash. The purpose of
the Offering is to provide the Company with funds to identify and
evaluate businesses or assets with a view to completing a
Qualifying Transaction (as defined in the Prospectus). 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 regarding the Company, the Offering, and
the Company's management team, please contact Patrick Sapphire,
Chief Executive Officer, at 647 530-1117 and see the Prospectus
filed on the Company's SEDAR profile at www.sedar.com.
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any of the securities in the
United States. The 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 may not be offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
The information in this news release includes certain
information and statements about management's view of future
events, expectations, plans and prospects that constitute forward
looking statements. These statements are based upon assumptions
that are subject to significant risks and uncertainties. Because of
these risks and uncertainties and as a result of a variety of
factors, the actual results, expectations, achievements or
performance may differ materially from those anticipated and
indicated by these forward looking statements. Forward-looking
statements in this news release include, but are not limited to,
the Company's anticipated trading date on the TSXV and the ability
of the Company to complete a Qualifying Transaction. Any number of
factors could cause actual results to differ materially from these
forward-looking statements as well as future results. Although the
Company believes that the expectations reflected in forward looking
statements are reasonable, it can give no assurances that the
expectations of any forward looking statements will prove to be
correct. Except as required by law, the Company disclaims any
intention and assumes no obligation to update or revise any forward
looking statements to reflect actual results, whether as a result
of new information, future events, changes in assumptions, changes
in factors affecting such forward looking statements or
otherwise.
Neither 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.
SOURCE Aurum Lake Mining Corporation
