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Loyalist Exploration Announces Extension of its Proposed Private Placement
Toronto, Ontario - (TheNewswire – August 19, 2024) - Loyalist Exploration Limited (CSE: PNGC) ("Loyalist" or the "Company") announces a 30-day extension to Sept
About this update from Loyalist Exploration Limited
[{"type":"text","content":"Toronto, Ontario - (TheNewswire – August 19, 2024) - Loyalist Exploration Limited (CSE: PNGC) (\"Loyalist\" or the \"Company\") announces a 30-day extension to September 17, 2024 of its non-brokered private placement financing of up to 70,000,000 common shares (the “Shares”) of the Company at a price of $0.005 per Share for proceeds of up to $350,000. The proceeds of the Offering will be used for working capital and general and administrative purposes and the costs of completing a share exchange (the “Share Exchange”) among the Company and the shareholders of Millbrook Minerals Inc. (Millbrook”) In its press release dated June 5, 2024, the Company announced a letter of intent to amalgamate the Company and Millbrook. That intent has been changed to complete a share exchange rather than an amalgamation. The Company believes that will accomplish the same ends but be a much simpler transaction. In connection with the Offering, the Company may pay finders’ fees equal to 7% of the gross proceeds in cash and issue non-transferable warrants (the “Finder Warrants”) to various registered dealers or finders, equal to 7% of the Shares sold through such registered dealers or finders in the Offering. Each Finder Warrant will entitle the holder thereof to purchase one (1) Loyalist common share at a price of $0.05 per share for a period of thirty-six (36) months from the closing date of the offering. The Private Placement will be conducted in reliance upon certain exemptions from the prospectus requirements set out in NI 45-106. The Shares issued in connection with the Private Placement are subject to a hold period expiring four months and one day from the issuance of the securities comprising the Offering The proceeds of the private placement are being used to complete the Share Exchange. Millbrook is a private company incorporated under the Canada Business Corporations Act and is the 100% owner of three mining properties known as Springdale, Hungry Hill and Rolling Pond (the “Properties”) located in the Canadian Province of Newfoundland and Labrador (“NL”). The Millbrook shareholders will initially receive 200,000,000 common shares of the Company in exchange for their Millbrook shares in a Share Exchange as described in the Company’s Management Information Circular sent to shareholders regarding its upcoming shareholders meeting being he...