VANCOUVER, BC - (NewMediaWire) - July 03, 2024 - Lexston Mining Corporation (the "Company" or "Lexston") (CSE: LEXT) (OTCQB: LEXTF) (Frankfurt: W5G) wishes to make the following statements regarding certain market activity surrounding its common shares (the" Shares") traded on the OTCQB market pursuant to the request of OTC Markets Group Inc. ("OTC Markets").
1. Company's full understanding of the promotional activities is:
a) The Company became aware of the promotional activities on June 28, 2024.
b) The effect of the promotional activities on the trading activity of the Company's security. The Shares of the Company started trading on the OTCQB market on May 17, 2024. On June 28, 2024, a newsletter was brought to the attention of the Company by OTC Markets. The Company observed increased trading volumes of the Shares on the OTCQB market on May 28, 2024, June 18, 2024, June 20, 2024, June 21, 2024, June 25, 2024, June 26, 2024, June 27, 2024 and June 28, 2024. The newsletter dated June 27, 2024, was not authorized or reviewed by the Company and promotes the shares of the Company as well as shares of certain other entities mentioned in the newsletter. The effect of the newsletter on the trading activity of the Company's shares is not clear.
c) A clear description of the source and content of the promotional activities. The source of the promotional materials was the newsletter disseminated by Primetime Profiles. While the Company agrees with the identification of the mineral properties of the Company, the newsletter included information and promotional language that went beyond the factual statements in the Company's news releases. The Company is a junior exploration company and, as such cannot provide any assurance with respect to the future growth of value for its shareholders. Investment in the shares of the Company is highly speculative.
2. The Company, its officers and directors were not involved directly or indirectly with the creation, payment, or distribution of this newsletter.
3. The management of the Company did not review the newsletter before it was brought to the attention of the Company by OTC Markets. The newsletter presented some factual statements regarding the Company, its business and industry, seemingly drawn from the Company's news releases. While the Company agrees with the factual statements in the newsletter that were based on prior news releases, the newsletter included information and promotional language that went beyond the factual statements in the Company's news releases. The Company had no editorial control over the content in the newsletter and is unaware of the full nature of the advertising activity or the responsible parties.
4. The Company made inquiries and confirms that it is not aware of any directors, officers or shareholders owning 10% or more of the Company's Common Shares, that may have directly or indirectly been involved in any way with the creation or distribution of the newsletter. The Company was informed that its service provider Hillside Consulting and Media Inc., made a payment in the amount of $45,000 USD to Primetime Profiles to disseminate publicly available information about the Company. The Company was informed that Hillside Consulting Media Inc. and Primetime Profiles are not related entities.
5. The following is the information with respect to the purchase and/or sale of securities of the Company by directors, officers, insiders controlling shareholders and any third-party service providers known to the Company during the last 90 days. Hillside Consulting and Media Inc., a third-party service provider purchased 150,000 common shares. Mr. Bal, the CEO of the Company, purchased 1,000,000 units (consisting of 1 share and one share purchase warrant) pursuant to the last private placement, exercised 150,000 stock options and sold 1,010,500 common shares. Mr. Manhas, the CFO of the Company, purchased 166,667 units (consisting of 1 share and one share purchase warrant) pursuant to the last private placement. Mr. Sharples, a director of the Company, purchased 806,667 units (consisting of 1 share and one share purchase warrant) pursuant to the last private placement and sold 755,000 common shares. Mr. Garland, a director of a subsidiary of the Company, purchased 100,000 units (consisting of 1 share and one share purchase warrant) pursuant to the last private placement. Mr. Bal, Mr. Manhas, Mr. Sharples and Mr. Garland have reported their transactions on SEDI in compliance with insider reporting requirements under applicable securities laws. All directors, officers and reporting insiders are required to report their purchases and sales of Company securities on SEDI, and to, the knowledge of the Company, such filings are up to date in that regard.
To the knowledge of the Company, no other officer, director, control person or third-party service provider has sold or purchased the Company's securities within the past 90 days.
6. During the last twelve months marketing and advertising services to the Company have been provided by Hillside Consulting and Media Inc., which was retained as of June 12, 2024.
7. On May 15, 2024, the Company closed a non-brokered private placement of $419,960 through the issuance of 6,999,333 units at a price of $0.06 per unit (the "Private Placement"). Each unit consisted of one common share and one common share purchase warrant. Each common share purchase warrant entitles the holder to purchase one common share at a price of $0.08 for two years from the date of issuance and will expire on May 15, 2026. All securities issued pursuant to the Private Placement are subject to a four-month statutory hold period until September 16, 2024. The Units pursuant to the Private Placement were issued priced in within the permitted discount pursuant to the Policies of the Canadian Securities Exchange.
The public disclosure record of the Company is available at www.sedarplus.ca under the profile of the Company.
About Lexston Mining Corporation
The Company is a Canadian mineral exploration company, focused on the acquisition and development of mineral projects. The Company has mineral exploration projects in British Columbia and Nunavut, Canada.
The Company (OTCQB: LEXTF) trades on the OTCQB Venture Market for early stage and developing U.S. and international companies. Companies are current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Time quotes and market information for the company on www.otcmarkets.com.
On Behalf of the Board of Directors
LEXSTON MINING CORPORATION
Jagdip Bal
Chief Executive Officer
Telephone: (604) 928-8913
Email: info@lexston.ca
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
