Lakeside Minerals Inc. (TSX-V:LAK) is pleased to announce the Closing of the previously announced unsecured convertible debenture financing under SIDEX’s program “Field Action 2014”.
The Debenture will pay an annual interest rate of 12%, payable semi-annually in cash or common shares of the Company. The Debenture shall be convertible at a price of $0.05 per Share until September 16, 2015 and $0.10 per Share from September 17, 2015 until September 16, 2016. The Company will also issue 1,000,000 warrants at the closing. Each Warrant is exercisable into Shares at a price of $0.07 per Share, for a period of 2 years from the Closing Date. The Debenture will mature 2 years from the Closing Date. The Debenture may be repaid at any time by the Company, subject to providing 45 days notice, and is repayable at maturity in cash or Shares at the option of the Company. The Warrants issued will be subject to a four-month hold period from the date of issuance.
The mission of SIDEX is to invest in companies engaged in mineral exploration in order to diversify Quebec’s mineral base and open new territories to exploration and investment. “Field Action 2014” is a $3-Million financing program launched in the spring by SIDEX to encourage junior mineral exploration companies to pursue field work during the summer and fall 2014, employ young professionals and service companies and make way for new discoveries.
About Lakeside Minerals Inc.
Lakeside Minerals Inc. is engaged in acquiring, exploring, and developing mineral properties. The Company’s flagship Launay property is located in the heart of the Abitibi, 48 km northeast of Rouyn-Noranda. The Launay property straddles a significant extent of the Macamic deformation zone: a major deformation zone in the Abitibi subprovince located north of the Porcupine-Destor deformation zone. Claims cover a 17 km long trend of known gold occurrences, several of which display significant historical and recent gold drill intersections. Lakeside is also pursuing potential acquisitions of interests in undervalued mineral exploration properties.
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