By Devika Patel
Knoxville, Tenn., Aug. 12 - Lakota Resources Inc. said it will raise C$1.25 million in a non-brokered private placement. The deal originally priced July 7 as a stock sale, but the company has decided to amend the terms.
The company now will sell 7,353,000 units of one common share and one quarter-share warrant at C$0.17 per unit.
It originally planned to sell 6.25 million common shares at C$0.20 apiece.
Each whole warrant will be exercisable at C$0.30 for one year.
Settlement is expected Aug. 31.
Proceeds will be used to conduct a diamond drilling program at Lakota's Tembo gold property in Tanzania and for general corporate purposes.
Lakota is Toronto-based gold exploration company.
| Issuer: | Lakota Resources Inc.
|
| Issue: | Units of one common share and one quarter-share warrant
|
| Amount: | C$1.25 million
|
| Units: | 7,353,000
|
| Price: | C$0.17
|
| Warrants: | One quarter-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.30
|
| Agent: | Non-brokered
|
| Pricing date: | July 7
|
| Amended: | Aug. 12
|
| Settlement date: | Aug. 31
|
| Stock price: | TSX Venture: LAK
|
| Stock price: | C$0.15 at close Aug. 12
|
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