By Sheri Kasprzak
New York, Feb. 27 - Lynden Ventures Ltd. said it reduced the price per unit in its previously announced private placement, pushing the proceeds down to C$2.25 million.
The company now plans to sell 3 million units at C$0.75 each.
The units consist of one share and one warrant. Each warrant is exercisable at C$1.00 for the first year and C$1.25 for the second year.
The deal priced Jan. 31 as a C$2.55 million offering of 3 million units at C$0.85 each.
Proceeds will be used for the acquisition of additional oil and gas properties. The rest will be used for working capital.
Vancouver, B.C.-based Lynden is an oil and natural gas exploration company.
| Issuer: | Lynden Ventures Ltd.
|
| Issue: | Units of one share and one warrant
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| Amount: | C$2.25 million
|
| Units: | 3 million
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| Price: | C$0.75
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.00 for the first year, C$1.25 for the second year
|
| Placement agent: | Non-brokered
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| Pricing date: | Jan. 31
|
| Amended: | Feb. 27
|
| Stock symbol: | TSX Venture: LVL
|
| Stock price: | C$0.71 at close Feb. 27
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