Drift Lake Resources Inc.
TSX VENTURE : DLA

July 20, 2009 16:23 ET

Drift Lake Resources Inc. Announces Closing of Private Placement

TORONTO, ONTARIO--(Marketwire - July 20, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Drift Lake Resources Inc. (TSX VENTURE:DLA) ("Drift Lake") is pleased to announce that it has closed its previously announced non-brokered private placement (the "Offering") pursuant to which it has issued 10,000,000 units ("Units") at a price of $0.05 per Unit to raise aggregate gross proceeds of $500,000. Each Unit consists of one common share of Drift Lake and one share purchase warrant (a "Warrant"), each such Warrant entitling the holder thereof to acquire one additional common share of Drift Lake for a period of six months at an exercise price of $0.10 per share. Drift Lake has paid a cash finder's fee to certain eligible registrants involved in the Offering equal to 6% of the gross proceeds raised by such registrants in the Offering. Insiders of Drift Lake subscribed for an aggregate of 600,000 Units in connection with the Offering.

All securities issued in connection with the Offering are subject to a statutory hold period expiring on November 21, 2009.

Drift Lake is a Toronto based mineral exploration company, currently focused on the exploration for gold on the Rossmere Property in the Thunder Bay Mining Division of Ontario. The proceeds of the Offering are anticipated to be used to fund the search for and acquisition of additional property interests, as well as for general corporate expenses.

The Offering remains subject to the receipt of all applicable regulatory approvals.

Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Drift Lake, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Drift Lake Resources Inc.
    L.M. (Gino) Falzone
    President & Chief Executive Officer
    905-773-7526
    gfalzone@driftlake.com