By Sheri Kasprzak
Atlanta, Feb. 2 - Lakota Resources Inc. said it plans to raise up to C$4.5 million in a private placement of units.
The offering includes up to 7.5 million units at C$0.60 each. The units are comprised of one share and one half-share warrant.
The full warrants allow for an additional share at C$0.85 each for the first year and C$1 each for the second year.
The deal is scheduled to close on March 31.
Based in Toronto, Lakota is a gold exploration company. It plans to use the proceeds from the deal to explore and evaluate its existing gold-property portfolio in Tanzania. The remainder will be used for general corporate purposes.
| Issuer: | Lakota Resources Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$4.5 million
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| Units: | 7.5 million
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| Price: | C$0.60
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.85 for the first year; C$1.00 for the second year
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| Pricing date: | Feb. 2
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| Stock price: | C$0.55 at close Feb. 2
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