Posted in | News | Mining Business

Laurentian Goldfields Intends to Use Proceedings for Drilling at Thundercloud Project

Laurentian Goldfields Ltd. (TSX VENTURE:LGF) has announced that the non-brokered private placement offering previously announced on February 3rd, 2011, has been oversubscribed by 31%.

The Offering will now consist of up to 8.7 million units ("units") at a purchase price of $0.30 per unit, for total proceeds of up to CDN $2.6 million.

Each unit will consist of one non-flow through common share and one-half common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional share of the Company at a price of $0.45 in the first 12 months after the date of issuance, and $0.55 in the second 12 months after the date of issuance. Each whole warrant will be subject to an acceleration clause, whereby, if the closing price of the Company's shares on the Exchange is at a price greater than $0.15 above the exercise price of a whole common share purchase warrant for a period of 10 consecutive trading days, the Company will have the right to accelerate the expiry date of the warrants on 20 days notice. Such notice by the Company to the holders of the warrants may not be given until 4 months and one day after the closing of the Offering.

The Offering is subject to certain conditions, including regulatory acceptance. Finder's fees may be payable in connection with this private placement.

Laurentian Goldfields Ltd. intends to use the proceeds of this financing for drill programs at the newly acquired Thundercloud Project (see News Release Jan 13, 2011) as well as developing other projects and for general working capital.

Source: Laurentian Goldfields Ltd.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    West Red Lake Gold Mine Ltd.. (2019, February 18). Laurentian Goldfields Intends to Use Proceedings for Drilling at Thundercloud Project. AZoMining. Retrieved on May 25, 2024 from https://www.azomining.com/News.aspx?newsID=3308.

  • MLA

    West Red Lake Gold Mine Ltd.. "Laurentian Goldfields Intends to Use Proceedings for Drilling at Thundercloud Project". AZoMining. 25 May 2024. <https://www.azomining.com/News.aspx?newsID=3308>.

  • Chicago

    West Red Lake Gold Mine Ltd.. "Laurentian Goldfields Intends to Use Proceedings for Drilling at Thundercloud Project". AZoMining. https://www.azomining.com/News.aspx?newsID=3308. (accessed May 25, 2024).

  • Harvard

    West Red Lake Gold Mine Ltd.. 2019. Laurentian Goldfields Intends to Use Proceedings for Drilling at Thundercloud Project. AZoMining, viewed 25 May 2024, https://www.azomining.com/News.aspx?newsID=3308.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type
Submit

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.