By Devika Patel
Knoxville, Tenn., Sept. 17 - Lara Exploration Ltd. announced that it plans a non-brokered private placement of units to raise C$1.28 million.
The company will sell 1,500,000 units at C$0.85 apiece to Global NR Holding SA, a Luxembourg-based holding company. Each unit will consist of one share and one non-transferable warrant. Each warrant is exercisable at C$1.20 for two years.
The warrants may expire sooner if Lara's share price closes higher than C$1.70 for 20 or more consecutive days. In that case, the warrants will expire 20 business days after Lara notifies holders.
The company will pay a 6.5% finder's fee in units.
The shares will have a four-month hold period.
Proceeds will be used to fund Lara's projects in Brazil and Peru and for general working capital and corporate purposes.
Based in Vancouver, B.C., Lara is a gold exploration company.
| Issuer: | Lara Exploration Ltd.
|
| Issue: | Units of one share and one non-transferable warrant
|
| Amount: | C$1,275,000
|
| Units: | 1,500,000
|
| Price: | C$0.85
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.20
|
| Agent: | Non-brokered
|
| Investor: | Global NR Holding SA
|
| Pricing date: | Sept. 17
|
| Stock symbol: | TSX Venture: LRA
|
| Stock price: | C$0.94 at close Sept. 14
|
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