Deal priced for C$3 million; proceeds will fund new business efforts
By Devika Patel
Knoxville, Tenn., Sept. 28 - Lara Exploration Ltd. said it increased a private placement of units to C$5 million from C$3 million. The deal priced Sept. 17.
The company is now selling 4 million units of one common share and one warrant at C$1.25 per unit. Each warrant is exercisable at C$1.85 for two years.
The strike price is a 30.28% premium to C$1.42, the Sept. 14 closing share price.
Proceeds will be used to support new business efforts and for general corporate purposes.
Based in Vancouver, B.C., Lara is a gold exploration company.
Issuer: | Lara Exploration Ltd.
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Issue: | Units of one common share and one warrant
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Amount: | C$5 million
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Units: | 4 million
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Price: | C$1.25
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$1.85
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Pricing date: | Sept. 17
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Upsized: | Sept. 28
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Stock symbol: | TSX Venture: LRA
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Stock price: | C$1.42 at close Sept. 14
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Market capitalization: | C$33.14 million
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