By Sheri Kasprzak
Atlanta, Oct. 15 - Lalo Ventures Ltd. said Friday it was hitting the private placement market with a C$1.225 million deal.
The Vancouver, B.C.-based gold exploration and development company arranged the sale of up to 3.5 million units at C$0.35 per unit. The units consist of one share and one-half non-transferable share warrant. One whole warrant is good for one share at C$0.53 for one year from the closing date.
The company has the right to exercise all the warrants in the event shares trade above C$0.80 for 20 trading days on the Toronto Stock Exchange Venture Exchange.
Lalo plans to use the funds for general corporate purposes and to fund exploration activities in Mexico, Kyrgyzstan and British Columbia.
| Issuer: | Lalo Ventures Ltd.
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| Issue: | Units of one share and ½ non-transferable share warrant
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| Amount: | C$1.225 million
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| Shares: | 3.5 million units
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| Price: | C$0.35 per unit
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| Warrants: | ½ warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.53
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| Announcement date: | Oct. 15
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| Stock price: | C$0.365 at close Oct. 15
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