Moss Lake Gold Mines Ltd (TSXV:MOK)
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TORONTO, April 25 /CNW/ --
/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES
DESCRIBED HEREIN./
TORONTO, April 25 /CNW/ - Moss Lake Gold Mines Ltd. ("Moss Lake") today announced that it would terminate its previously announced rights
offering in favour of obtaining a $2,000,000 loan (the "Loan") from Wesdome Gold Mines Ltd. ("Wesdome"). In consideration for the Loan, Moss Lake proposes to issue to Wesdome a
convertible unsecured promissory note having a two year term and
bearing interest at a rate of 8% per annum (the "Note"). The principal amount of the Note is to be convertible into common shares
in the capital of Moss Lake (each, a "Moss Lake Share" or a "Share") at a price of $0.50 per Share.
At present, Wesdome owns approximately 57.5% of the issued and
outstanding Moss Lake Shares and Wesdome and Moss Lake have certain
directors and officers in common. If Wesdome converts the principal
amount of the Note into Moss Lake Shares, Wesdome will acquire an
additional 4,000,000 Shares (or an additional 3.36% of the issued and
outstanding Moss Lake Shares). Moss Lake is currently indebted to
Wesdome in the amount of approximately $334,000.
Moss Lake intends to use the proceeds of the Loan to develop its Moss
Lake property and for working capital and general administrative
purposes.
The Moss Lake Shares trade on the TSX Venture Exchange (the "TSXV")
under the symbol "MOK". Moss Lake currently has 46,434,679 Shares
issued and outstanding.
Neither the TSXV nor its Regulation Services Provider (as that term is
defined in the policies of the TSXV) accepts responsibility for the
adequacy or accuracy of this press release.
Except for statements of historical fact contained herein, the
information in this press release may constitute "forward-looking
information " within the meaning of Canadian securities law. Other than
statements of historical fact, all statements are "forward-looking
statements", including, without limitation, the use of proceeds of the
Loan, that involve various known and unknown risks and uncertainties
and other factors, such as market conditions. There can be no assurance
that such statements will prove accurate. Results and future events
could differ materially from those anticipated in such statements.
Readers of this press release are cautioned not to place undue reliance
on these "forward-looking statements". Except as otherwise required by
applicable securities statutes or regulation, Moss Lake expressly
disclaims any intent or obligation to update publicly forward-looking
information, whether as a result of new information, future events or
otherwise.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/April2011/25/c6628.html
table border="0" tr td nowrap="nowrap" George Mannard, P.Geo. /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td or /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td Donovan Pollitt, P. Eng /td /tr tr td nowrap="nowrap" President V.P. /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td /td td nowrap="nowrap" Corporate Development /td /tr /table p align="center" 8 King St. East, Suite 1305br/ Toronto, ON M5C1B5br/ Toll Free: 1-866-4-WDO-TSXbr/ Phone: 416-360-3743, Fax: 416-360-7620br/ Email: a href="mailto:info@mosslakegold.com"info@mosslakegold.com/a, Website: a href="http://www.mosslakegold.com"www.mosslakegold.com/a /p