LAQ: TSX-V
VANCOUVER, July 7 /CNW Telbec/ - La Quinta Resources Corporation (TSXV: LAQ, the "Company") is pleased to announce, subject to regulatory approval, it has arranged for a non-brokered private placement consisting of up 3,000,000 units at a price of $0.30 per unit to accredited investors.
Each unit will consist of one common share and one half of one warrant. Each full warrant will, in turn entitle the holder to purchase an additional common share in the Company at a price of $0.40 in the first year following the issuance of the warrants and $0.60 per share in the second year following the issuance. The warrants are exercisable for a period of 24 months from their date of issuance, subject to certain acceleration clause.
A finder's fee of up to 8% of the aggregate proceeds may be paid to qualified finders upon issuance. Eight percent finders warrants will also be granted to accredited brokers or financial institutions at an exercise price of .45 cents per share; exercisable for up to 12 months from the issuance. The Company may close the financing in multiple tranches.
The Company will use the funds for exploration expenditures in the Democratic Republic of Congo (DRC) plus general working capital.
La Quinta Resources Corporation is a junior exploration issuer listed on the TSXV under the symbol LAQ. The company's aim is to add shareholder value by growing its resources base through exploration of its two high quality DRC projects. The Company is led by a highly skilled, experienced Board and management team with significant successes in finding and developing early stage gold and base metals.
ON BEHALF OF THE BOARD
Malcolm JA Swallow
Chairman and CEO
The TSX Venture Exchange has not reviewed and does not except any
responsibility for the accuracy or adequacy of this news release, which
has been prepared by management.