Non-brokered offering expected to fund drill programs at Thundercloud
By Devika Patel
Knoxville, Tenn., March 7 - Laurentian Goldfields Ltd. announced it settled a non-brokered private placement of units. The placement priced for C$2 million on Feb. 3 and was oversubscribed by 31% and increased to C$2.61 million on Feb. 18. The company raised C$2.65 million.
Laurentian sold 8,863,334 units of one common share and one half-share warrant at C$0.30 apiece. Kinross Gold Corp. participated.
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.
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Issue: | Units of one common share and a half-share warrant
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Amount: | C$2,659,000
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Units: | 8,863,334
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Price: | C$0.30
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike prices: | C$0.45 in the first year, C$0.55 in the second
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Agent: | Non-brokered
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Investor: | Kinross Gold Corp.
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Pricing date: | Feb. 3
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Upsized: | Feb. 18
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Settlement date: | March 7
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Stock symbol: | TSX Venture: LGF
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Stock price: | C$0.29 at close Feb. 2
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Market capitalization: | C$18.33 million
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