By Susanna Moon
Chicago, July 5 - Lynden Ventures Ltd. said it secured C$15.348 million in two private placements of units, with a downsized placement for C$10 million and a second non-brokered placement for C$5.348 million.
The downsized placement of 12.6 million units for C$0.80 per unit was first announced at C$14.4 million on June 6 and upsized to C$14.8 million on June 19.
Units comprise one share and one half-share warrant, with each whole warrant exercisable at C$1.25 for two years.
The placement is non-brokered. Proceeds will be used to acquire a quarter interest in the Southern Prospect area and to fund operations on the Southern and Northern Areas of the Paradox Basin project in Utah, according to previous announcements.
On Thursday, the company announced that it would sell an additional C$5.348 million of units in a second non-brokered private placement with investor Macquarie Bank Ltd.
In the second placement, the company plans to sell 6,521,952 units for C$0.82 each. Units comprise one share and one half-share warrant, with each whole warrant exercisable at $1.25 for two years unless the company becomes a TSX Venture Exchange tier-1 issuer, in which case the warrants expire in four years.
If the trading price is at least C$2.50 for 20 consecutive days, the warrants will be exercisable on the 20th day.
Lynden is an oil and gas exploration company based in Vancouver, B.C.
| Issuer: | Lynden Ventures Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$15.348 million
|
| Agent: | Non-brokered
|
| Announcement date: | July 5
|
| Stock symbol: | TSX Venture: LVL
|
| Stock price: | C$1.09 at close June 6
|
| Stock price: | C$1.01 at close June 18
|
| Stock price: | C$1.05 at close June 4
|
|
|
| First placement
|
| Units: | 12.5 million
|
| Price: | C$0.80
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.25
|
| Pricing date: | June 6
|
| Upsized: | June 19
|
| Downsized: | July 5
|
|
|
| Second placement
|
| Units: | 6,521,952
|
| Price: | C$0.82
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years unless the company becomes a TSX Venture Exchange tier-1 issuer, in which case the warrants expire in four years
|
| Warrant strike price: | C$1.25
|
| Investor: | Macquarie Bank Ltd.
|
| Pricing date: | July 5
|
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