Michael Sheridan Announces Sale of Common Shares In God's Lake Resources Inc.

TORONTO, May 30, 2018 (GLOBE NEWSWIRE) -- On May 30, 2018, Michael Sheridan (Sheridan), President and Chief Executive Officer of God’s Lake Resources Inc. (the Company) sold (the Disposition) a total of 5,536,075 common shares (Common Shares) of the Company of which 4,976,075 Common Shares are held by Sheridan and 560,000 Common Shares from Sheridan’s wholly owned company, Tough-Oakes Explorations Inc. (Tough-Oakes), pursuant to a share purchase agreement with 2625312 Ontario Inc. (2625312), Sheridan and Tough-Oakes at a price of approximately $0.2539 per Common Share (for a total of $1,405,609.44).  The 5,536,075 Common Shares comprising the Disposition (the Disposed Shares) represents 59.96% of the issued and outstanding Common Shares of the Company.

Before the sale of the Disposed Shares, Sheridan had beneficial ownership and control over 6,691,525 Common Shares representing 72.5% of the issued and outstanding shares.  Upon conclusion of this transaction, Sheridan continued to have beneficial ownership and control over 1,155,450 Common Shares representing 12.5% of the issued and outstanding shares. 

Sheridan originally acquired the Disposed Shares for investment purposes.  Sheridan will review his investment on a continuing basis, and, depending upon such factors that Sheridan may, from time to time, deem relevant, Sheridan may acquire additional securities of the Company, or dispose of some or all of the existing or additional securities of the Company he holds or will hold.  Sheridan is relying on Section 4.2 of National Instrument 62-104 Take-over Bids and Issuer Bids for the Disposition since, among other things, the Disposition was made from two persons and the consideration paid, including brokerage fees or commissions, is not greater than 115% of the simple average of the closing prices for each of the 20 business days preceding the date of Acquisition.

The transaction was completed outside of any market or other facility.

The address of God’s Lake Resources Inc. is c/o 2625312 is 100 Wellington Street, Suite 2110, Toronto, Ontario. The address of Sheridan is 73 Richmond St. W., Suite 212, Toronto, Ontario M5H 4E8.

An early warning report (the EWR) will be filed on SEDAR and will be available for review at www.sedar.com under the Company’s SEDAR profile. A copy of the EWR can be obtained from the contact below.

For further information, please contact:

Dennis H. Peterson
416-777-6772