Junior gold miner, Gold Lakes Corp. (OTCQB: GLLK) saw shares rally over 17% during early trading on Wednesday, June 29, 2016. Gold Lakes Corp. (OTCQB: GLLK) normally sees minimal average daily volume of around 46,400 over the past three months. However, nearly 381,000 shares or $325,755 in dollar volume has already exchanged hands through the first several hours after the opening bell Wednesday.
The big rally on stronger-than-usual volume comes after the junior gold miner announced on June 28, 2016 that they had successfully negotiated with creditors to remove $101,800 in principal and unpaid interest from the company’s balance sheet. The move significantly improves Gold lakes Corp. (OTCQB: GLLK)’s financial health, without further dilution of the company’s outstanding shares. Here is a press release detailing of the recent agreement:
Beachwood, Ohio, June 28, 2016 (GLOBE NEWSWIRE) —Gold Lakes Corp., (OTCQB:GLLK) an exploration stage BlueSky company that specializes in acquiring and developing mining assets, has recently been successful in negotiating with a debt holder. The outstanding principal, together with accumulated unpaid interest for a total of $101,800 will in effect be removed from the company’s balance sheet.
This transaction substantially improves our capital structure by completely eliminating 100% of this debt and avoiding the potential dilution of our common shares that would have resulted from its conversion. This transaction is part of an ongoing effort to improve the company’s long term outlook by reducing our outstanding debt obligations, strengthening the balance sheet and improving shareholder value.
About Gold Lakes Corp.: Gold Lakes Corp. is an exploration stage company that specializes in acquiring and developing mining assets. The Company primary asset is known as the “Big Monty” property, located in the prolific Abitibi Greenstone Belt region, in Ontario, Canada. The Big Monty property is bordered by producing gold mines and is situated within the Procupine-Destor Fault Zone “PDFZ” and Larder Lake Cadillac Fault Zone. For more information please visit: www.goldlakes.com
Forward Looking Statements: This news release includes “forward looking statements”, as that term is defined in Section 27A of the Unites States Securities Act of 1933, as amended, and Section 21E of the United States Exchange Act of 1934, as amended, that are subject to assumptions, risks and uncertainties. Statements in this news release that are not purely historical are forward looking statements, including without limitation any statements concerning the Company’s intentions, plans, estimates, expectations or beliefs regarding the future. Although the Company believes that any forward looking statements in this news release are reasonable, there can be no assurance that any such forward looking statements will prove to be accurate. The Company cautions readers that all forward looking statements, including without limitation those relating to the Company’s future operations and business prospects, are based on assumptions none of which can be assured, and are subject to certain risks and uncertainties that could cause actual events or results to differ materially from those indicated in the forward looking statements. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward looking statements.
Any forward looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward looking statements, or to update the reasons why actual events or results could or do differ from those projected in the forward looking statements. Except as required by law, the Company assumes no obligation to update any forward looking statements, whether as a result of new information, future events or otherwise.
For more information please visit: www.goldlakes.com or for Investor Relations contact: 216-916-9303 or email:firstname.lastname@example.org