Business
Lahontan Gold Announces Closing of Upsized Brokered Private Placement of Units
Toronto, Ontario--(Newsfile Corp. - February 28, 2023) - Lahontan Gold Corp. (TSXV: LG) (OTCQB: ...
About this update from Lahontan Gold Corp.
[{"type":"text","content":"Lahontan Gold Announces Closing of Upsized Brokered Private Placement of UnitsToronto, Ontario--(Newsfile Corp. - February 28, 2023) - Lahontan Gold Corp. (TSXV: LG) (OTCQB: LGCXF) (the \"Company\" or \"Lahontan\") is pleased to announce that, further to its press releases of February 8, 2023 and February 14, 2023, it has completed its previously announced brokered private placement through the issuance of 27,857,400 units (the \"Units\") at a price of $0.11 (the \"Issue Price\") per Unit for gross proceeds of $3,064,314 (the \"Offering\"), which includes the exercise of the agents' option. The Offering was conducted pursuant to the terms and conditions of an agency agreement entered into by the Company, Beacon Securities Limited (\"Beacon\") as lead agent and sole bookrunner, and Canaccord Genuity Corp. (together with Beacon, the \"Agents\").Each Unit is comprised of one common share in the capital of the Company (each, a \"Unit Share\") and one-half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant is exercisable to acquire one common share (a \"Warrant Share\") until February 28, 2026 at a price of $0.18 per Warrant Share. As consideration for services provided by the Agents in connection with the Offering, the Company: (i) paid a cash commission in the amount of approximately $193,514 being equal to 7% of the proceeds of the Offering (except, with respect to certain purchasers on a \"President's List\", the commission being equal to 3.5%); and (ii) issued 1,750,168 non-transferrable compensation warrants (the \"Compensation Warrants\") being equal to 7% of the number of Units issued under the Offering (except, with respect to certain purchasers on a \"President's List\", the commission being equal to 3.5%);. Each Compensation Warrant is exercisable to acquire one common share at the Issue Price until February 28, 2026.The securities issued in connection with the Offering are subject to a four-month hold period from the date of closing of the Offering in addition to any other restrictions under applicable law. The net proceeds from the Offering will be used for: (i) exploration expenditures on the Company's Santa Fe, Nevada property; and (ii) working capital and general corporate purposes. The Offering is subject to certain conditions including, but not limited to, the receipt of all neces...