Gold Lakes Corp. (fka GLLK)

[WizardofOdds1357]

The chart is what caught my eye on GLLK. the uptrend and volume hit my scanners then I saw the news about the private funding.

Beachwood, Ohio (FSCwire) - Gold Lakes Corp., (OTCQB: GLLK) an exploration stage Blue Sky company that specializes in acquiring and developing mining assets, closed an agreement with an institutional investor for a private offering of convertible debentures with gross proceeds of $835k in two closings.

At the first closing, Gold Lakes Corp sold convertible debentures in the principal amount of $535,000 for a purchase price of $285,000. At a second closing, to occur after the company's resale registration statement for shares underlying the debentures is declared effective by the Securities and Exchange Commission; the company will sell convertible debentures in the principal amount of $300,000 for a purchase price of $300,000. The debentures mature one year from their dates of issuance and bear interest at 8% per annum, payable in cash or stock, subject to a make-whole payment if converted or redeemed prior to maturity.

Company management commented “This funding allows Gold Lakes to develop and execute the current work plan for the “Big Monty” which consists of extensive geophysical work and a drill program and allows us to capitalize on our strategy of identifying and acquiring prospective properties in well-mineralized mining areas and advancing these properties toward making new discoveries within the Abitibi Greenstone Belt. We believe there is a significant opportunity to acquire complementary properties or assets in the metals market" For slightly over a century, the legendary Abitibi-Greenstone belt has produced hundreds of billions of dollars' worth of mostly gold, silver, copper and zinc.


The "Big Monty" property consists of 72 mining claim units totaling 2,846 acres and is located in the prolific Abitibi Greenstone Belt region, in the Frecheville township of NE Ontario Canada. An Airborne Survey has noted a variety of features characteristic of gold within the Big Monty property. The Airborne Survey will be used in coordination with the planned geophysical survey and surface geological mapping to determine mineralization targets for future prospecting and conducting the drilling program.


The Big Monty property is near existing producing gold mines, and borders property owned by Harte Gold and St Andrew Goldfields Ltd. who was recently bought for $178 million CAD by Kirkland Lake Gold Inc.


All current and potential shareholders are encourage to download the investor brief at http://goldlakes.com/docs/gllk_iib.pdf


Full details in regards to the transaction can be found in the 8-K filing with the United States Securities and Exchange Commission filed on March 15, 2016?and on the company website.

http://www.stockwatch.com/News/Item.aspx?bid=U-fsx00012307-U%3aGLLK-20160727&symbol=GLLK®ion=U