By Sheri Kasprzak
New York, March 31 - Lynden Ventures Ltd. has settled a private placement it announced in January for C$2,253,750.
The company sold 3,005,000 units in the non-brokered deal at C$0.75 each.
The units consist of one share and one warrant with each warrant exercisable at C$1.00 for one year.
The deal priced Jan. 31 as a C$2.55 million offering of 3 million units at C$0.85 each. The deal was scaled back on Feb. 27 to C$2.25 million.
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
|
| Amount: | C$2,253,750
|
| Units: | 3,005,000
|
| Price: | C$0.75
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$1.00
|
| Placement agent: | Non-brokered
|
| Settlement date: | March 30
|
| Stock symbol: | TSX Venture: LVL
|
| Stock price: | C$0.90 at close March 30
|
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