Logan Resources - First tranche of private placement closed

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[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO NEWS WIRE SERVICES IN THE UNITED STATES./\n\n\nVANCOUVER, Aug. 18 /CNW/ - Logan Resources Ltd. (TSXV:LGR) (the\n"Company") today announced that it has closed the first tranche of the\nnon-brokered private placement that was announced on June 5, 2009, and has\nissued 5,820,000 units at a price of $0.05 per Unit for gross proceeds of\n$291,000. Each unit is comprised of one common share and one-half of one share\npurchase warrant (a "Warrant"). Each whole Warrant is exercisable at a price\nof $0.10 per share for a period of two years. The common shares and the shares\nto be issued upon exercise of the Warrants are subject to a hold period until\nDecember 7, 2009.\n\n\nThe proceeds from the Offering will be used for general working capital,\nand the Company will continue to offer the remaining 680,000 units\ncontemplated by the original news release.\n\n\nLogan Resources Ltd. is a mineral exploration company that specializes in\nacquiring, exploring and advancing Canadian mineral properties. The Company\nhas a diversified portfolio of precious metal, base metal and uranium\nprojects. For more information on the property portfolio and the Company,\nplease visit www.loganresources.ca, www.sedar.com and www.sec.gov websites.\n\n\nON BEHALF OF THE BOARD\n\n"Seamus Young"\n---------------------------------\n Seamus Young\n President and CEO\n\n\nNeither the TSX Venture Exchange nor its Regulation Services Provider (as\nthat term is defined in the policies of the TSX Venture Exchange) accepts\nresponsibility for the adequacy or accuracy of this release.\n\n\nThis news release does not constitute an offer to sell or a solicitation\nof an offer to sell any of the securities in the United States. The securities\nhave not been and will not be registered under the United States Securities\nAct of 1933, as amended (the "U.S. Securities Act") or any state securities\nlaws and may not be offered or sold within the United States or to U.S.\nPersons unless registered under the U.S. Securities Act and applicable state\nsecurities laws or an exemption from registration is available.\n\n\n","length":2274,"tagName":"div"}]

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