MOSS LAKE GOLD MINES LTD. ANNOUNCES CONVERSION OF $300,000 NOTE HELD BY WESDOME GOLD MINES LTD.
November 19 2010 - 2:44PM
PR Newswire (Canada)
TORONTO, Nov. 19 /CNW/ -- TORONTO, Nov. 19 /CNW/ - Moss Lake Gold
Mines Ltd. ("Moss Lake") announced today that Wesdome Gold Mines
Ltd. ("Wesdome") delivered notice of its desire to convert the
principal amount of the $300,000 convertible unsecured promissory
note issued by Moss Lake to Wesdome on December 9, 2010 (the
"Note") into 1,200,000 common shares of Moss Lake (each a "Moss
Share") at a conversion price of $0.25 per Moss Share pursuant to
the terms of the Note. Assuming the issuance of the 1,200,000 Moss
Shares to Wesdome, Wesdome will own 26,708,586 Moss Shares, being
57.6% of the issued and outstanding Moss Shares and Moss will
remain indebted to Wesdome in the amount of $284,650. Wesdome and
Moss Lake have certain directors and officers in common. Moss
Lake trades on the TSX Venture Exchange under the symbol "MOK" and
has approximately 45.2 million Moss Shares issued and outstanding.
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. This news release includes certain forward-looking
statements concerning the future performance of Moss Lake's
business, operations and financial performance and condition, as
well as management's objectives, strategies, beliefs and
intentions. Such statements include, but are not limited to,
statements concerning the intention of Wesdome to convert the
Note.. Forward-looking statements are frequently identified
by such words as "may", "will", "plan", "expect", "anticipate",
"estimate", "intend" and similar words referring to future events
and results. Forward-looking statements are based on the current
opinions and expectations of management. All forward-looking
information is inherently uncertain and subject to a variety of
assumptions, risks and uncertainties, including the speculative
nature of mineral exploration and development, fluctuating
commodity prices, competitive risks and the availability of
financing, as described in more detail in recent securities filings
available at www.sedar.com. Actual events or results may differ
materially from those projected in the forward-looking statements
and Moss Lake cautions against placing undue reliance
thereon. Moss Lake and its management assume no obligation to
revise or update these forward looking statements. table
valign="top" border="0"trtd colspan="3" align="left"iPlease
visit/iia font-style="italic"
href="http://www.mosslakegold.com"www.mosslakegold.com/a/iior
contact:/i/td/tr trtd /td td /td td /td/tr trtd
align="left"George Mannard, P.Geo. /td td
align="center"or /td td align="left"Shelley
John/td/tr trtd align="left"President
/td td
align="right" /td td align="left"Manager, Investor
Relations/td/tr trtd align="left" /td td align="center"8 King
St. East, Suite 1305/td td align="center" /td/tr trtd
align="left" /td td align="center"Toronto, ON, M5C-1B5/td td
align="center" /td/tr trtd align="left" /td td
align="center"Toll Free: 1-866-4-WDO-TSX/td td
align="center" /td/tr trtd align="left" /td td
align="center"Phone: 416-360-3743, Fax: 416-360-7620/td td
align="center" /td/tr trtd align="left" /td td
align="center"Email: a
href="mailto:info@mosslakegold.com"info@mosslakegold.com/a,
Website: a
href="http://www.mosslakegold.com"www.mosslakegold.com/a/td/tr/table
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