VANCOUVER, Nov. 20 /CNW/ - Logan Resources Ltd. (TSXV:LGR) ("The Company") today announced a non brokered private placement. The financing consists of up to 7,500,000 flow-through units (the "FT Units") at a price of $0.40 per FT Unit and up to 1,428,572 non-flow-though units (the "NFT Units") at a price of $0.35 per NFT Unit, for total gross proceeds of up to $3,500,000 (the "Offering").
Each FT Unit will consist of one flow-through share and one-half of one non-flow-through share purchase warrant (a "FT Warrant"). Each whole FT Warrant is exercisable at $0.50 for 18 months.
Each NFT Unit will consist of one common share and one share purchase warrant (a "NFT Warrant"). Each NFT Warrant is exercisable at $0.45 for 18 months.
A finder's fee or commission of 8% will be paid in cash, or in NFT Units, at the election of the finder.
The Offering is subject to TSX Venture Exchange acceptance. All securities issued pursuant to the Offering will be subject to a four-month hold period from the closing date.
The proceeds from the flow-through portion of the financing will be used for exploration programs on the Company's properties in the Yukon Territory, with a particular focus on exploration and drilling at its Shell Creek (Cu, Au) project.
Proceeds from the non flow-through portion of the financing will be used for working capital and general exploration.
Logan Resources Ltd. is a mineral exploration company that specializes in acquiring, exploring and advancing Canadian mineral properties. The Company has a diversified portfolio of precious metal, base metal and uranium projects. For more information on the property portfolio and the Company, please visit www.loganresources.ca, www.sedar.com and www.sec.gov websites.
ON BEHALF OF THE BOARD
"Seamus Young"
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Seamus Young
President and CEO
Statements contained in this news release that are not historical facts are forward-looking statements, which are subject to a number of known and unknown risks, uncertainness and other factors that may cause the actual results to differ materially from those anticipated in our forward looking statements. Although we believe that the expectations in our forward looking statements are reasonable, actual results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from registration is available.
The TSX Venture Exchange has neither approved or disapproved the
information contained herein.