/NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES/
VANCOUVER, Dec. 18 /CNW/ - Logan Resources Ltd. (the "Company") (TSXV:LGR) is pleased to announce completion of the first tranche of a private placement consisting of 6,250,000 flow-through units ("FT Units") at a price of $0.40 per FT Unit and 571,428 non-flow-through units ("NFT Units") at a price of $0.35 per NFT Unit for aggregate gross proceeds of $2,700,000.
Each FT Unit consists of one flow-through common share in the capital of the Company and one-half of one share purchase warrant (a "FT Warrant"). Each whole FT Warrant entitles the holder to purchase one non-flow-through common share at $0.50 per share for 18 months. Each NFT Unit consists of one non-flow through common share in the capital of the Company and one share purchase warrant (a "NFT Warrant"). Each NFT Warrant entitles the holder to purchase one non-flow-through common share at $0.45 per share for 18 months. The first tranche of the financing was arranged by the MineralFields Group.
The Company paid a finder's fee in connection with the financing consisting of $116,000 in cash, 250,000 common shares and issued 125,000 warrants which entitle the holder to purchase one non-flow-through common share at $0.50 per share for 18 months. The proceeds from the sale of the FT Units will be used to incur qualifying expenses on the Company's Canadian mineral properties.
"We are pleased to continue working with the MineralFields Group again this year," said Seamus Young, President and CEO. "They have recognized and supported the potential of our Company and our projects. This funding will facilitate an extensive exploration program in the Yukon and enable the Company to meet its strategic exploration milestones for the season ahead."
Logan Resources Ltd. is a mineral exploration company that specializes in acquiring, exploring and advancing Canadian mineral properties. For more information on the property portfolio and the Company, please visit www.loganresources.ca, www.sedar.com and www.sec.gov websites.
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.
The TSX Venture Exchange has neither approved nor disapproved the
information contained herein.
About MineralFields, Pathway and First Canadian Securities(R)
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MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities(R), a division of Limited Market Dealer Inc., is active in leading resource financings (both flow-through and hard dollar) on competitive, effective and service-friendly terms, with investors both within, and outside of MineralFields Group.