Margaret Lake RTO target Emerging arranges loan

Margaret Lake RTO target Emerging arranges loan

Mr. Yari Nieken” reports

MARGARET LAKE DIAMONDS REVERSE TAKE OVER TARGET “EMERGING GOLDFIELDS” ANNOUNCES LOAN FACILITY LETTER AND PROVIDES UPDATE

Subsequent to Margaret Lake Diamonds Inc.’s reverse takeover of Emerging Goldfields Resources Ltd. announcement on Dec. 28, 2023, Emerging has received a loan facility comfort letter, dated Jan. 25 2024, indicating the Bank of Georgia will provide a loan facility of $500,000 (U.S.) with an 8-per-cent interest rate, once Emerging provides completed contracts with a mining contractor, processing plant and gold concentrate offtake and providing a guarantee for the loan property as a security. The Bank of Georgia Group PLC is Georgia’s largest bank and is listed on the London Stock Exchange under the symbol “BGEO”.

Mr. Mamuka Zakareishvili, Associate Corporate Banker in Corporate and Investment Banking stated in the loan facility letter: “Based on our understanding, the direct sale of Emerging’s ore will have a significant impact on the operations capacity. This Upgrade will allow for the processing of 200,000 tons of ore annually, resulting in an annual gold production increase of up to 1 tonne.” Margaret Lake Diamonds CEO, Mr. Yari Nieken states: “We would like to thank Mr. Zakareishvili and the Bank of Georgia for their confidence and support as we work to complete this reverse takeover with Emerging Goldfields. This loan facility will provide Emerging with near term funding to secure the equipment necessary to begin shipments of ore from the Azatek gold property to a nearby mill for processing. We anticipate the completion of our recently announced RTO financing and look forward to the commencement of gold production.” This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

We seek Safe Harbor.