Deal offers two types of unit, finances exploration and development
By Devika Patel
Knoxville, Tenn., Dec. 11 - Lakeside Minerals Inc. said it plans a C$1.5 million non-brokered private placement of units.
The company will sell up to C$500,000 of units of one common share and one half-share warrant at C$0.04 per unit and up to C$1 million of flow-through units of four flow-through shares, one common share and one warrant at C$0.25 per unit.
The two-year unit warrants will be exercisable at C$0.06 in the first year and at C$0.10 in the second year. The strike prices are 50% and 150% premiums to the Dec. 10 closing share price of C$0.04.
The two-year flow-through unit warrants will be exercisable at C$0.10, a 150% premium to the Dec. 10 closing price.
Proceeds will be used for exploration and development of the company's properties in Quebec and general working capital purposes.
The gold explorer is based in Toronto.
| Issuer: | Lakeside Minerals Inc.
|
| Issue: | Units of one common share and one half-share warrant, flow-through units of four flow-through shares, one common share and one warrant
|
| Amount: | C$1.5 million
|
| Warrant expiration: | Two years
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 11
|
| Stock symbol: | TSX Venture: LAK
|
| Stock price: | C$0.04 at close Dec. 10
|
| Market capitalization: | C$981,160
|
|
|
| Units
|
| Amount: | C$500,000 (maximum)
|
| Price: | C$0.04
|
| Warrants: | One half-share warrant per unit
|
| Warrant strike price: | C$0.06 in the first year, C$0.10 in the second year
|
|
|
| Flow-through units
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| Amount: | C$1 million (maximum)
|
| Price: | C$0.25
|
| Warrants: | One warrant per unit
|
| Warrant strike price: | C$0.10
|
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