Drift Lake Resources Inc.

September 25, 2007 10:21 ET

Drift Lake Resources Inc. Announces Closing of Its Initial Public Offering

TORONTO, ONTARIO--(Marketwire - Sept. 25, 2007) -

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Drift Lake Resources Inc. (the "Company") is pleased to announce that on September 25, 2007 the Company successfully completed its initial public offering by issuing 3,735,000 common shares for gross proceeds of $373,500. The initial public offering consisted of a minimum of 3,500,000 common shares and a maximum of 5,500,000 common shares at an offering price of $0.10 per share. Toll Cross Securities Inc. ("Toll Cross") acted as agent for the offering and received a commission consisting of that number of broker warrants (the "Broker Warrants") equal to 7.5% of the number of common shares issued pursuant to the offering. Accordingly, 280,125 Broker Warrants were issued to Toll Cross. Each Broker Warrant entitles the holder thereof to purchase one common share of the Company at an exercise price of $0.10 until September 25, 2009.

The Company has an option to acquire a 60% interest in the Rossmere Property in Ontario and will be using the proceeds of the offering for the exploration of the Rossmere Property and for general corporate purposes. Management anticipates that the Company will eventually apply to have its common shares listed on a stock exchange in Canada, but there are no specific plans to do so at this time.

The Company is a Richmond Hill based mineral exploration company, currently focused on the exploration for gold on the Rossmere Property in Ontario. The Company is a reporting issuer in Ontario.

Contact Information

  • Drift Lake Resources Inc.
    L.M. (Gino) Falzone
    President & CEO
    (905) 773-3855
    Email: falzone@sympatico.ca