Lake Winn Resources Corp. has closed its previously announced shares-for-debt transaction, converting an aggregate of $454,573.05 in outstanding liabilities into common shares.

To settle the debt with creditors, Lake Winn issued 6,993,430 common shares at a deemed price of $0.065 per share. Certain company insiders participated in the arrangement, making it a related-party transaction under Multilateral Instrument 61-101. The company relied on exemptions from formal valuation and minority shareholder approval requirements because the deemed value of the shares issued to insiders remained below 25% of the company's market capitalisation.

All common shares issued through the settlement carry a statutory hold period of four months and one day from the date of issuance. Final approval from the TSX Venture Exchange is still required to complete the transaction.

The debt settlement forms part of a broader corporate realignment initially outlined alongside plans to rename Lake Winn to Northern Critical Minerals Ltd. As part of its wider operational schedule, the company plans to execute a 2026 drill program at its 100%-owned Little Nahanni Pegmatite Group project in the Northwest Territories.

Read the full announcement: Lake Winn Resources Announces Closing of Shares for Debt Settlement