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A Closer Look At Gold Lakes Corp (OTCMKTS:GLLK)

A Closer Look At Gold Lakes Corp (OTCMKTS:GLLK)
Written by
Alex Carlson
Published on
July 19, 2016
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Gold Lakes Corp (OTCMKTS:GLLK) has quickly turned into a volume leader on the OTC Markets. With the recent 3 for 1 forward split, shares will get even more active as more small cap investors rush into Gold Lakes Corp. With precious metals rising again, there's no better time for investors to jump into a new junior gold mining play.Gold Lakes Corp. is an exploration stage company that specializes in acquiring and developing mining assets. The company's 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 Porcupine-Destor Fault Zone "PDFZ" and Larder Lake Cadillac Fault Zone.At the end of June, Gold Lakes Corp announced that it had acquired 100% of the property assets from Flex Mining Ltd known as the “Big Monty”. The "Big Monty" property consists of 72 mining claim units totaling 2,846 acres and is located in the prolific Abitibi Greenstone Belt region, in the Frecheville township of Ontario Canada. The Big Monty property is near existing producing gold mines, and borders property owned by St Andrew Goldfields Ltd. which was recently bought for $178 million CAD by Kirkland Lake Gold Inc.

Gold Lakes Corp plans to develop and execute the current work plan for the “Big Monty” which consists of extensive geophysical work and a minimum 2000 meter drill program. An Airborne Survey has noted a variety of features characteristic of gold within the Big Monty property. The Airborne Survey will be used in coordination with the planned geophysical survey and surface geological mapping to determine mineralization targets for future prospecting and conducting the drilling program.

This month, Gold Lakes Corp entered into a Share Lock-Up Agreement with its largest shareholder, company officers, and advisory board. Pursuant to this Agreement, these shareholders during the period commencing on the date hereof and ending 120 days after the date hereof (the “Lock-Up Period”), directly or indirectly offer, pledge, assign, encumber, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, any shares of Gold Lakes Stock or any securities directly or indirectly convertible into or exercisable or exchangeable for Gold Lakes Stock owned either of record or beneficially.

Gold Lakes Corp presently has 33,135,645 shares of its common stock issued and outstanding, of which these shareholders own 22,700,000 of the total shares outstanding. The shares affected by this Lock-Up Agreement are approximately 68.5% of Gold Lakes’ issued and outstanding shares of common stock. This move by the company goes a long way in reassuring its shareholder base that the majority of its shares are locked up and won't be flooding the market. With a low float, it also explains why shares of GLLK have been steadily climbing higher. CEO Christopher Vallos reiterated this point by saying:

"Given the significant progress we have achieved in recent months – we felt that this would be a good time to send a clear message to our shareholders and potential investors as to how optimistic we are about Gold Lakes’ commitment to the company’s long term focus and strategy. We don't think that there is a better way of sending such a message than by voluntarily locking up a substantial amount of Gold Lakes’ outstanding shares."

Currently trading with a market cap of $21 million, GLLK has proven to be a winner so far for Insider Financial subscribers. Shares have more than doubled since we first alerted our subscribers that GLLK was an exciting story with some serious promo dollars behind it. We will be monitoring GLLK closely and informing our subscribers on the latest developments. Sign up today for updates on GLLK!Disclosure: We have no position in GLLK and have not been compensated for this article.

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