President, chief executive officer Miles Thompson invests C$200,000
By Devika Patel
Knoxville, Tenn., July 5 – Lara Exploration Ltd. said it will raise C$2 million in a private placement of units.
The company will sell 1.6 million units of one common share and one half-share warrant at C$1.25 per unit.
Each whole, two-year warrant will be exercisable at C$1.85, which is a 58.12% premium to the July 4 closing share price of C$1.17.
President and chief executive officer Miles Thompson will buy 160,000 units for C$200,000.
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 a half-share warrant
|
| Amount: | C$2 million
|
| Units: | 1.6 million
|
| Price: | C$1.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.85
|
| Investor: | Miles Thompson (for C$200,000)
|
| Pricing date: | July 5
|
| Stock symbol: | TSX Venture: LRA
|
| Stock price: | C$1.17 at close July 4
|
| Market capitalization: | C$43.5 million
|
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