La Quinta announces proposed financing

About this update from Black Mammoth Metals Corporation

[{"type":"text","content":"\n\n\n\nLAQ: TSX-V\n\n\nVANCOUVER, July 7 /CNW Telbec/ - La Quinta Resources Corporation (TSXV:\nLAQ, the "Company") is pleased to announce, subject to regulatory approval, it\nhas arranged for a non-brokered private placement consisting of up 3,000,000\nunits at a price of $0.30 per unit to accredited investors.\n\n\nEach unit will consist of one common share and one half of one warrant.\nEach full warrant will, in turn entitle the holder to purchase an additional\ncommon share in the Company at a price of $0.40 in the first year following\nthe issuance of the warrants and $0.60 per share in the second year following\nthe issuance. The warrants are exercisable for a period of 24 months from\ntheir date of issuance, subject to certain acceleration clause.\n\n\nA finder's fee of up to 8% of the aggregate proceeds may be paid to\nqualified finders upon issuance. Eight percent finders warrants will also be\ngranted to accredited brokers or financial institutions at an exercise price\nof .45 cents per share; exercisable for up to 12 months from the issuance. The\nCompany may close the financing in multiple tranches.\n\n\nThe Company will use the funds for exploration expenditures in the\nDemocratic Republic of Congo (DRC) plus general working capital.\n\n\nLa Quinta Resources Corporation is a junior exploration issuer listed on\nthe TSXV under the symbol LAQ. The company's aim is to add shareholder value\nby growing its resources base through exploration of its two high quality DRC\nprojects. The Company is led by a highly skilled, experienced Board and\nmanagement team with significant successes in finding and developing early\nstage gold and base metals.\n\n\nON BEHALF OF THE BOARD\n\n\nMalcolm JA Swallow\n\n\nChairman and CEO\n\n\nThe TSX Venture Exchange has not reviewed and does not except any\n\n\nresponsibility for the accuracy or adequacy of this news release, which\n\n\nhas been prepared by management.\n\n\n","length":2025,"tagName":"div"}]

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