Lakewood Exploration to Acquire Silver Hammer Mining in Share Exchange
Vancouver, British Columbia -- May 31, 2021 -- NewsGenie -- Lakewood Exploration Inc. (CSE:LWD) is set to acquire Silver Hammer Mining Corp., pending regulatory approval. Lakewood will acquire 100% of Silver Hammer's shares in exchange for 7,800,000 common shares of Lakewood, equalling roughly 41% of the company's shares upon closing. A further 500,000 common shares will be issued to a third-party finder.
Silver Hammer holds a 100% interest in the Silver Strand Project, a silver-zinc project in Idaho's Coeur d’Alene mining district, known for its depth potential and having produced over 1.2 billion ounces of silver. The Silver Strand Mine spans a 5.5km strike length and is located along Interstate 90 in North Idaho’s Silver Valley.
The transaction is subject to standard closing conditions and is expected to close by June 30, 2021. There will be no changes to Lakewood's board or management.
Lakewood also announced a non-brokered private placement to raise up to $3,500,000 through the issuance of 14,000,000 units at $0.25 each. Proceeds will fund exploration on the Lacy Property Gold Project, the Silver Hammer acquisition, exploration on the Silver Strand Project, and general working capital.
Securities issued in the Offering will be subject to a four-month hold period. Finder’s fees and commissions may be paid in connection with the Offering.
Cautionary Note: The transaction is subject to risks and uncertainties. The securities have not been registered under the U.S. Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption.