Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 1100

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 9A
Chunk 1100
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 the amount of 2,000,000 Units, at a price of $10.00 per Unit. Each Unit consists of one Class A ordinary share and one right.
Each right entitles the holder thereof to receive one-tenth of one Class A ordinary share upon the consummation of an initial Business
Combination.

NOTE 4 — PRIVATE PLACEMENT

Simultaneously with the closing of
the Initial Public Offering, the Sponsor and BTIG purchased an aggregate of 805,000 Private Placement Units (495,000 Private
Placement Units purchased by the Sponsor and 310,000 Private Placement Units purchased by BTIG), at a price of $10.00 per Private
Placement Units from the Company in a private placement, generating gross proceeds of $8,050,000. A portion of the proceeds from the
sale of the Private Placement Units was added to the net proceeds from the Initial Public Offering held in the Trust Account. If the
Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement
Units held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable
law). The Private Placement Units are identical to the units sold in the Initial Public Offering.

F-12

MOUNTAIN
LAKE ACQUISITION CORP.

NOTES
TO FINANCIAL STATEMENTS

DECEMBER
31, 2024

NOTE 5 — RELATED PARTY TRANSACTIONS

Founder Shares

On June 27, 2024, the Sponsor made a capital
contribution of $25,000 to cover certain expenses on behalf of the Company in exchange for issuance of 7,187,500 Class B ordinary
(the “Founder Shares”). Subsequently, on December 12, 2024, the Company, through a share capitalization, issued an additional
359,375 Founder Shares to the Sponsor, resulting in an aggregate of 7,546,875 Founder Shares issued and outstanding. The holders of the
Founder Shares agreed to forfeit and cancel up to an aggregate of 984,375 Founder Shares, on a pro rata basis, to the extent that
the option to purchase additional Units is not exercised in full by the underwriters. The forfeiture will be adjusted to the extent
that the option to purchase additional Units is not exercised in full by the underwriters so that the Founder Shares will represent
approximately 23.2%