Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 210

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 1
Chunk 210
---
,776)
  
    Prepaid insurance 
     (92,500)
  
    Accounts payable and accrued expenses 
     7,401 
  
    Due to Sponsor 
     3,183 
  
    Net cash used in operating activities 
     (159,847)

    Cash Flows from Investing Activities: 

    Investment of cash in Trust Account 
     (231,150,000)
  
    Net cash used in investing activities 
     (231,150,000)

    Cash Flows from Financing Activities: 

    Proceeds from sale of Units, net of underwriting discounts paid 
     225,400,000 
  
    Proceeds from sale of Private Placement Units 
     8,050,000 
  
    Repayment of promissory note - related party 
     (249,828)
  
    Payment of offering costs 
     (506,933)
  
    Net cash provided by financing activities 
     232,693,239 

    Net Change in Cash 
     1,383,392 
  
    Cash - Beginning of period 
     — 
  
    Cash - End of period 
    $1,383,392 

    Non-Cash Investing and Financing Activities: 

    Offering costs included in accrued offering costs 
    $6,750 
  
    Prepaid services paid by Sponsor in exchange for issuance of Class B ordinary shares 
    $25,000 
  
    Offering costs paid through promissory note – related party 
    $174,111 
  
    Prepaid services contributed by Sponsor through promissory note - related party 
    $5,229 
  
    Offering costs paid through prepaid expenses 
    $16,467 
  
    Deferred underwriting fee payable 
    $8,050,000 
  
    Forfeiture of Founder Shares 
    $36 

The accompanying notes are an integral part
of these financial statements.

F-6

MOUNTAIN
LAKE ACQUISITION CORP.

NOTES
TO FINANCIAL STATEMENTS

DECEMBER
31, 2024

NOTE 1 — DESCRIPTION OF ORGANIZATION AND
BUSINESS OPERATIONS

Mountain Lake Acquisition Corp. (the “Company”)
is a blank check company incorporated as a Cayman Islands exempted company on June 14, 2024. The Company was incorporated for the
purpose of effecting a merger, share exchange, asset