KW Capital Partners Limited

May 15, 2017 23:05 ET

Acquisition of Units of Lakeside Minerals Inc.

TORONTO, ONTARIO--(Marketwired - May 15, 2017) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES

KW Capital Partners Limited ("KW Capital") announced that on May 12, 2017, it acquired by way of private placement 600 units (the "Units") of Lakeside Minerals Inc. (the "Company" or "Lakeside") in the principal amount of $600,000. Each Unit is comprised of one (1) $1,000 principal amount 12% convertible secured debenture (the "Debentures") and 4,000 common share purchase warrants ("Warrants") exercisable into common shares in the capital of the issuer ("Common Shares") at a price of $0.325 per Common Share for a period of 24 months after closing. The Debentures are due and payable on May 12, 2019 (the "Maturity Date"), are convertible at the option of the holder at any time prior to the Maturity Date into Common Shares at a conversion price of $0.25 per share (the "Conversion Price") and bear interest at a rate of 12.0% per annum, payable semi-annually in advance on May 12 and November 12 of each year. The first interest payment was satisfied on closing of the Offering by the issuance of 600,000 Common Shares at a price of $0.25 per share.

Assuming the conversion of the entire principal amount of the Debenture at the Conversion Price, the Debenture is convertible into 2,400,000 Common Shares representing a change in KW Capital's securityholding percentage of the issued and outstanding common shares of the issuer of approximately 15.24%, assuming the full exercise of the Warrants and all other common share purchase warrants that KW Capital beneficially owns or exercises control or direction over.

Immediately prior to the transaction described herein, KW Capital did not beneficially own or exercise control or direction over any common shares of the issuer nor common share purchase warrants of the issuer.

Immediately after the transaction described herein and assuming the conversion of the entire principal amount of the Debenture at the Conversion Price, KW Capital would beneficially own or exercise control or direction over 2,544,000 common shares of the issuer and 2,400,000 common share purchase warrants of the issuer, representing approximately 15.24% of the issued and outstanding shares of the issuer, assuming the full exercise of the Warrants that KW Capital beneficially owns or exercises control or direction over.

The Units were acquired by KW Capital for investment purposes. KW Capital may increase or decrease his investment, directly or indirectly, in securities of the issuer from time to time, depending on market conditions or any other relevant factors.

Lakeside is located at 77 King Street West, Suite 2905, Toronto, Ontario M5K 1H1. KW Capital is located at 10 Wanless Ave, Suite 201, Toronto, Ontario M4N 1V6. A copy of the early warning report to which this news release relates can be obtained on the SEDAR profile of the Company at www.sedar.com.

Contact Information

  • Lakeside Minerals Inc.
    77 King Street West, Suite 2905
    Toronto, Ontario
    M5K 1H1

    KW Capital Partners Limited
    10 Wanless Ave, Suite 201
    Toronto, Ontario
    M4N 1V6