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Labrador Gold Corp. Closes Private Placement Financing
VANCOUVER, British Columbia, July 25, 2018 (GLOBE NEWSWIRE) -- Labrador Gold Corp. (TSX-V:LAB) (“LAB” or the “Company”) is pleased to announce that it has close
About this update from Labrador Gold Corp
[{"type":"text","content":" VANCOUVER, British Columbia, July 25, 2018 (GLOBE NEWSWIRE) -- Labrador Gold Corp. (TSX-V:LAB) (“LAB” or the “Company”) is pleased to announce that it has closed its previously announced non-brokered private placement offering (the “Private Placement”) (See news release dated July 9, 2018). The Company raised a total of $3,000,100 through the sale of 10,498,000 units at $0.25 comprised of one common share (“Share”) and one-half share purchase warrant (\"Warrant\") of the company for proceeds of $2,624,500. Each whole warrant entitles the holder thereof to purchase one additional Share at a price of $0.35 for a period of 24 months from closing. A further $375,600 was raised through the sale of 1,252,000 flow through units (“FT Unit”) at $0.30 comprised of one flow through common share (\"FT Share\") and one-half non-flow through share purchase Warrant of the Company. Each whole Warrant entitles the holder thereof to purchase one additional Share at a price of $0.40 for a period of 24 months from closing. Evanachan Limited, a company owned by Mr. Rob McEwen, Chairman and Chief Owner of McEwen Mining Inc., Ms. Cathy Wood, of RyanWood Exploration Inc. and insiders of the Company subscribed for a total of $1,078,000 of the private placement. Finders Fees comprised of $180,127 in cash and 780,500 broker units were paid to arms length parties on a portion of the private placement in accordance with the policies of the TSXV. The net proceeds from the Private Placement will primarily be used to fund exploration on the Labrador properties under option and for general working capital purposes. All securities issued in connection with the Private Placement are subject to a hold period of four months plus one day from the date of closing. About Labrador Gold: Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in the Americas. In 2017 Labrador Gold signed a Letter of Intent under which the Company has the option to acquire 100% of the 896 square kilometre (km2) Ashuanipi property in northwest Labrador and the Nain (503 km2) and Hopedale (458 km2) properties in eastern Labrador. The Hopedale property covers much of the Hunt River and Florence Lake greenstone belts that stretch over 80 km. The belts are typical of greenstone belts around the world but have been ...