Business
Logan Resources completes first tranche of financing with the MineralFields Group
/NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/ VANCOUVER,...
About this update from Intrepid Metals Corp.
[{"type":"text","content":"\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION TO U.S.\n\n\nNEWSWIRE SERVICES/\n\n\nVANCOUVER, Dec. 18 /CNW/ - Logan Resources Ltd. (the "Company")\n(TSXV:LGR) is pleased to announce completion of the first tranche of a private\nplacement consisting of 6,250,000 flow-through units ("FT Units") at a price\nof $0.40 per FT Unit and 571,428 non-flow-through units ("NFT Units") at a\nprice of $0.35 per NFT Unit for aggregate gross proceeds of $2,700,000.\n\n\nEach FT Unit consists of one flow-through common share in the capital of\nthe Company and one-half of one share purchase warrant (a "FT Warrant"). Each\nwhole FT Warrant entitles the holder to purchase one non-flow-through common\nshare at $0.50 per share for 18 months. Each NFT Unit consists of one non-flow\nthrough common share in the capital of the Company and one share purchase\nwarrant (a "NFT Warrant"). Each NFT Warrant entitles the holder to purchase\none non-flow-through common share at $0.45 per share for 18 months. The first\ntranche of the financing was arranged by the MineralFields Group.\n\n\nThe Company paid a finder's fee in connection with the financing\nconsisting of $116,000 in cash, 250,000 common shares and issued 125,000\nwarrants which entitle the holder to purchase one non-flow-through common\nshare at $0.50 per share for 18 months. The proceeds from the sale of the FT\nUnits will be used to incur qualifying expenses on the Company's Canadian\nmineral properties.\n\n\n"We are pleased to continue working with the MineralFields Group again\nthis year," said Seamus Young, President and CEO. "They have recognized and\nsupported the potential of our Company and our projects. This funding will\nfacilitate an extensive exploration program in the Yukon and enable the\nCompany to meet its strategic exploration milestones for the season ahead."\n\n\nLogan Resources Ltd. is a mineral exploration company that specializes in\nacquiring, exploring and advancing Canadian mineral properties. For more\ninformation on the property portfolio and the Company, please visit\nwww.loganresources.ca, www.sedar.com and www.sec.gov websites.\n\n\nStatements contained in this news release that are not historical facts\nare forward-looking statements, which are subject to a number of known and\...