Non-brokered offering expected to fund drill programs at Thundercloud
By Devika Patel
Knoxville, Tenn., Feb. 18 - Laurentian Goldfields Ltd. announced its non-brokered private placement of units that priced for C$2 million on Feb. 3 has been oversubscribed by 31%. The placement is now expected to raise C$2.61 million.
The company will now sell 8.7 million units of one common share and one half-share warrant at C$0.30 per unit.
Each whole two-year warrant will be exercisable at C$0.45 in the first year and at C$0.55 in the second. The strike prices are 55.17% and 89.66% premiums to the Feb. 2 closing share price of C$0.29.
Proceeds will be used for drill programs at the newly acquired Thundercloud Project, the development of other projects and general working capital.
Laurentian is a gold exploration and development company based in Vancouver, B.C.
| Issuer: | Laurentian Goldfields Ltd.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$2.61 million
|
| Units: | 8.7 million
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike prices: | C$0.45 in the first year, C$0.55 in the second
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 3
|
| Upsized: | Feb. 18
|
| Stock symbol: | TSX Venture: LGF
|
| Stock price: | C$0.29 at close Feb. 2
|
| Market capitalization: | C$13.48 million
|
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