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Lake Victoria Gold Announces Closing of Oversubscribed Non-Brokered LIFE Private Placement of Units for $6 Million and Upsize of Concurrent Private Placement to $2 Million
Vancouver, British Columbia--(Newsfile Corp. - September 17, 2025) - Lake Victoria Gold Ltd. (TSX...
About this update from Lake Victoria Gold Ltd
[{"type":"text","content":"Lake Victoria Gold Announces Closing of Oversubscribed Non-Brokered LIFE Private Placement of Units for $6 Million and Upsize of Concurrent Private Placement to $2 MillionVancouver, British Columbia--(Newsfile Corp. - September 17, 2025) - Lake Victoria Gold Ltd. (TSXV: LVG) (\"LVG\" or the \"Company\") is pleased to announce that it has closed its previously announced non-brokered private placement (the \"LIFE Private Placement\") consisting of the issuance of 34,285,715 units of the Company (the \"Units\") at a price of $0.175 per Unit, for aggregate gross proceeds to the Company of $6,000,000.13. The LIFE Private Placement was subject to a minimum amount of $3,000,000.Each Unit is comprised of one common share of the Company (each, a \"Share\") and one-half of one common share purchase warrant (a \"Warrant\"). Each Warrant is exercisable by the holder thereof to acquire one additional Share (a \"Warrant Share\") at an exercise price of $0.27 per Warrant Share for a period of three years from the date of issuance of the Warrant (the \"Warrant Expiry Date\").Marc Cernovitch, President & CEO of Lake Victoria Gold, commented: \"The successful completion of this financing represents another strong endorsement of our strategy and assets in the Lake Victoria Goldfields. With this capital in place, we are well positioned to advance Imwelo toward production, expand our resource base at Tembo, and continue consolidating what we believe is one of the most prospective gold districts in Africa. Importantly, we are now preparing to mobilize work crews and contractors on the ground, ensuring that the momentum from this raise translates quickly into project advancement and value creation. We are grateful for the ongoing support from our shareholders and partners as we work to unlock significant value in the months ahead.\"Subject to compliance with applicable regulatory requirements, the LIFE Private Placement was conducted pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 - Prospectus Exemptions and in reliance on the Coordinated Blanket Order 45-935 - Exemptions from Certain Conditions of the Listed Issuer Financing Exemption. The securities issued to purchasers in the LIFE Private Placement are not subject to a hold period under applicable Canadian securities laws. An offering document relat...