NEWS RELEASE Toronto: January 11, 2011 HY LAKE GOLD CLOSES FLOW-THROUGH PRIVATE PLACEMENT Hy Lake Gold Inc. (CNSX: HYL; FRANKFURT: HYK) is pleased to announce the closing, on December 23, 2010 and December 31, 2010, respectively of two tranches of a non-brokered flow-through private placement totaling 3,569,953 Units of the Company at $0.55 per Unit for gross proceeds of $1,963,474.15. Each Unit consists of one flow-through common share and one common share purchase warrant. Each warrant has a 24 month term and entitles the holder to purchase one additional common share of Hy Lake Gold at a price of $0.75 for a period of 12 months from the date of closing and at a price of $1.00 for the subsequent 12 month period. Proceeds of the financing will be used for the continued exploration and development of the Company’s West Red Lake properties and to assist the Company in qualifying the common shares of Hy Lake Gold for listing on the TSX Venture Exchange.
The flow-through private placement included the subscription of 1,818,181 Units ($1,000,000) by the MineralFields Group and 864,000 Units ($475,200) by Pavilion Flow-Through L.P. (2010). “We are pleased to continue our relationship with MineralFields Group and Pavilion Funds”, commented Robert Seitz, Hy Lake Gold President and CEO. “We have now funded our previously announced, early 2011 exploration programs and Hy Lake Gold looks forward to working with our supporting fund groups as we continue to explore and develop our properties in the Red Lake Camp.
http://hylake.com/News/...2011%20HYL%20News%20PP%20FT%20Financing.pdf ------------------------ Auf gehts zur TSX-V :-)
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