Business
£2.5m Equity Fundraise and Conversion of Loans
£2.5m Equity Fundraise and Conversion of Loans.
About this update from Lexington Gold Ltd.
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, NEW ZEALAND, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO.\nTHIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND SHALL NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR THE SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY NEW COMMON SHARES OF LEXINGTON GOLD LTD IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 (\"MAR\") AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019. MARKET SOUNDINGS, AS DEFINED IN MAR, WERE TAKEN IN RESPECT OF THE PLACING WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF THIS INSIDE INFORMATION, AS PERMITTED BY MAR. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n10 July 2023\nLexington Gold Ltd\n(\"Lexington Gold\" or the \"Company\")\n \n£2.5 million Equity Fundraise and Conversion of Loans\n \nLexington Gold (AIM: LEX), the gold exploration and development company with projects in North and South Carolina, USA, is pleased to announce that the Company has raised, in aggregate, gross proceeds of approximately £2.5m from certain existing and new investors to, inter alia, unlock value from its proposed conditional acquisition of a 76 per cent. interest in White Rivers Exploration Proprietary Limited (\"WRE\"), an exploration and development company with significant gold assets in South Africa (the \"Proposed WRE Transaction\"), full details of which were announced on 15 May 2023. In addition, outstanding loans of US$150,000 due to the Company's Chairman, Edward Nealon, and £300,000 due to Mark Creasy (together, in both instances, with accrued interest thereon) have been settled in new equity on the same terms as the fundraising (the \"Loan Conversion Shares\") in order to conserve the Company's working capital.\n \nFundraising: The Company has raised, in ...