Lake Winn Resources (TSX-V:LWR) plans to increase its previously announced private placement from C$180,000 ($182,536) to C$300,000, with proceeds earmarked for working capital.
The company now intends to issue 5 million units, up from the 3 million units proposed when the financing was announced on 10 September.
Each unit will comprise one common share and half a common share purchase warrant. Each whole warrant will be exercisable at C$0.10 per share for 60 months.
Lake Winn says it has yet to apply for conditional approval of the offering from the TSX Venture Exchange.
Larger financing delayed
Lake Winn also plans to complete a separate C$3 million non-brokered private placement at a later date.
The financing, announced in June, was intended to support exploration at the company’s Little Nahanni Pegmatite Group (LNPG) Project in Canada’s Northwest Territories.
“Little Nahanni provides exposure to lithium, tantalum, and tin,” CEO Patrick Power said at the time, highlighting the company’s renewed focus on critical minerals exploration.
Pricing for the C$3 million placement has yet to be determined, and the company has not provided a timeline.
Silver Switchback acquisition
Lake Winn also expects to complete its proposed acquisition of the Silver Switchback Copper-Silver Project in British Columbia by the end of 2026.
The acquisition, announced in June, remains conditional on the closing of the C$3 million financing.
Lake Winn Resources is focused on advancing its wholly owned LNPG Project in Canada’s Northwest Territories.
Write to Jackson Chen at Mining.com.au
Main image: Lake Winn Resources
