Non-brokered offering finances trenching program at the Easter project
By Devika Patel
Knoxville, Tenn., March 23 - La Quinta Resources Corp. said it concluded the first tranche of a C$1.5 million non-brokered private placement of units. The company raised C$255,000 in this closing.
The company is selling units of one common share and a half-share warrant at C$0.08 apiece. It sold 3,187,500 units in the first tranche.
Each whole two-year warrant is exercisable at C$0.15 in the first year and at C$0.20 in the second year. The strike prices are 87.5% and 150% premiums to the March 22 closing share price of C$0.08.
Proceeds will be used to complete the trenching program at the West Vein area at the Easter project and to secure the services of the driller contracted by on March 20 for the drilling campaign at the project.
The Vancouver, B.C., mining company explores for gold and silver.
| Issuer: | La Quinta Resources Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$1.5 million
|
| Price: | C$0.08
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.15 in the first year, C$0.20 in the second year
|
| Agent: | Non-brokered
|
| Settlement date: | March 23 (for C$255,000)
|
| Stock symbol: | TSX Venture: LAQ
|
| Stock price: | C$0.08 at close March 22
|
| Market capitalization: | C$4.46 million
|
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