Non-brokered deal funds general corporate, working capital purposes
By Devika Patel
Knoxville, Tenn., Aug. 4 – Logan Resources Ltd. said it settled a C$2.2 million non-brokered private placement of units. The oversubscribed deal priced for C$2 million on July 7 and was increased to C$2.2 million on July 20.
The company sold 22 million units of one common share and one warrant at C$0.10 per unit, with each warrant exercisable at C$0.30 for three years. The strike price is a 200% premium to C$0.10, the July 6 closing share price.
Proceeds will be used to continue to evaluate and explore the company's mineral properties and for general corporate and working capital purposes.
Logan, based in Vancouver, B.C., is a gold, copper and uranium exploration company.
| Issuer: | Logan Resources Ltd.
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| Issue: | Units of one common share and one warrant
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| Amount: | C$2.2 million
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| Units: | 22 million
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| Price: | C$0.10
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| Warrants: | One warrant per unit
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| Warrant expiration: | Three years
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| Warrant strike price: | C$0.30
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| Agent: | Non-brokered
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| Pricing date: | July 7
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| Upsized: | July 20
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| Settlement date: | Aug. 4
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| Stock symbol: | TSX Venture: LGR
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| Stock price: | C$0.10 at close July 6
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| Market capitalization: | C$2 million
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