By Sheri Kasprzak
New York, July 14 - Lexam Explorations Inc. upsized to C$4.4 million its previously announced C$3 million private placement.
The company now plans to sell 8.8 million units at C$0.50 each.
The non-brokered deal priced on July 10 as a C$3 million offering of 6 million units.
The units consist of one share and one half-share warrant. The whole warrants are exercisable at C$0.70 each for two years.
Rob McEwen, chairman and chief executive officer, of Lexam, subscribed for 4 million of the units.
The proceeds will be used to advance the Baca Grant oil and gas project in Colorado.
Lexam, based in Toronto, is an oil and natural gas exploration company.
| Issuer: | Lexam Explorations Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$4.4 million
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| Units: | 8.8 million
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| Price: | C$0.50
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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 price: | C$0.70
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| Placement agent: | Non-brokered
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| Investor: | Rob McEwen (for 4 million units)
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| Pricing date: | July 10
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| Upsized: | July 14
|
| Stock symbol: | TSX Venture: LEX
|
| Stock price: | C$0.54 at close July 10
|
| Stock price: | C$0.75 at close July 14
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