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/NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES/
VANCOUVER, Dec. 20 /CNW/ - Logan Resources Ltd. (the "Company") (TSXV:LGR) is pleased to announce completion of the second and final tranche of a private placement consisting of 1,250,000 flow-through units ("FT Units") at a price of $0.40 per FT Unit and 100,000 non-flow-through units ("NFT Units") at a price of $0.35 per NFT Unit for aggregate gross proceeds of $535,000.
Each FT Unit consists of one flow-through common share in the capital of the Company and one-half of one share purchase warrant (a "FT Warrant"). Each whole FT Warrant entitles the holder to purchase one non-flow-through common share at $0.50 per share for 18 months. Each NFT Unit consists of one non-flow through common share in the capital of the Company and one share purchase warrant (a "NFT Warrant"). Each NFT Warrant entitles the holder to purchase one non-flow-through common share at $0.45 per share for 18 months.
The Company paid finder's fees in connection with the financing consisting of $22,120 in cash, 49,000 common shares and issued 24,500 warrants which entitle the holder to purchase one non-flow-through common share at $0.50 per share for 18 months. The proceeds from the sale of the FT Units will be used to incur qualifying expenses on the Company's Canadian mineral properties.
Logan Resources Ltd. is a mineral exploration company that specializes in acquiring, exploring and advancing Canadian mineral properties. For more information on the property portfolio and the Company, please visit www.loganresources.ca, www.sedar.com and www.sec.gov websites.
Statements contained in this news release that are not historical facts are forward-looking statements, which are subject to a number of known and unknown risks, uncertainness and other factors that may cause the actual results to differ materially from those anticipated in our forward looking statements. Although we believe that the expectations in our forward looking statements are reasonable, actual results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
The TSX Venture Exchange has neither approved nor disapproved the
information contained herein.