Deal priced for C$3 million; proceeds will fund new business efforts
By Devika Patel
Knoxville, Tenn., Sept. 28 - Lara Exploration Ltd. said it increased a private placement of units to C$5 million from C$3 million. The deal priced Sept. 17.
The company is now selling 4 million units of one common share and one warrant at C$1.25 per unit. Each warrant is exercisable at C$1.85 for two years.
The strike price is a 30.28% premium to C$1.42, the Sept. 14 closing share price.
Proceeds will be used to support new business efforts and for general corporate purposes.
Based in Vancouver, B.C., Lara is a gold exploration company.
| Issuer: | Lara Exploration Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$5 million
|
| Units: | 4 million
|
| Price: | C$1.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.85
|
| Pricing date: | Sept. 17
|
| Upsized: | Sept. 28
|
| Stock symbol: | TSX Venture: LRA
|
| Stock price: | C$1.42 at close Sept. 14
|
| Market capitalization: | C$33.14 million
|
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