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Lara Exploration to Raise up to an Aggregate of C$33,750,000 Pursuant to a C$20,250,000 Brokered Private Placement and a Concurrent C$13,500,000 Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - March 10, 2026) - Lara Exploration Ltd. (TSXV: LRA...
About this update from Lara Exploration Ltd.
[{"type":"text","content":"Lara Exploration to Raise up to an Aggregate of C$33,750,000 Pursuant to a C$20,250,000 Brokered Private Placement and a Concurrent C$13,500,000 Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - March 10, 2026) - Lara Exploration Ltd. (TSXV: LRA) (OTC Pink: LRAXF), (\"Lara\" or the \"Company\") announces that it has entered into an agreement with SCP Resource Finance LP (the \"Lead Agent\"), pursuant to which the Lead Agent has agreed to act as lead agent for and on behalf of a syndicate of agents (the \"Agents\") in connection with a \"best efforts\" brokered private placement of up to 6,750,000 common shares of the Company (\"Common Shares\") at a price of C$3.00 (equivalent to US$2.22 based on an exchange rate of $1.35 CAD per USD) per Common Share (the \"Issue Price\") for maximum gross proceeds to the Company of up to approximately C$20,250,000 (equivalent to US$15,000,000 based on an exchange rate of $1.35 CAD per USD) (the \"Brokered Private Placement\"). Subject to the closing of the Brokered Private Placement, the Company has agreed to pay to the Agents a cash fee equal to 6% of the gross proceeds of the Brokered Private Placement (reduced to 0% in respect of any purchasers who are insiders of the Company).The Company furthermore intends to complete a concurrent non-brokered private placement for additional proceeds of up to 4,500,000 Common Shares at the Issue Price for maximum gross proceeds to the Company of up to approximately C$13,500,000 (equivalent to US$10,000,000 based on an exchange rate of $1.35 CAD per USD) (the \"Non-Brokered Private Placement\"). No finder's fees are expected to be payable in respect of the Non-Brokered Private Placement. The closing of both the Brokered and Non-Brokered Placements is expected to occur concurrently on or about March 31, 2026 (the \"Closing Date\") or, in respect of the Brokered Private Placement, such other date as may be agreed upon by the Company and the Agents. Completion of the Brokered and Non-Brokered Private Placements is subject to certain conditions, including but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange. Securities issued under the Non-Brokered and Brokered Placements will be subject to a statutory four month hold period under applicable Canadian secu...