President, chief executive officer Miles Thompson invests C$200,000
By Devika Patel
Knoxville, Tenn., July 11 – Lara Exploration Ltd. said it increased its private placement of units to C$3 million from C$2 million. The deal priced on July 5.
The company will now sell 2.4 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.
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| Issue: | Units of one common share and a half-share warrant
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| Amount: | C$3 million
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| Units: | 2.4 million
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| Price: | C$1.25
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.85
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| Investor: | Miles Thompson (for C$200,000)
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| Pricing date: | July 5
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| Upsized: | July 11
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| Stock symbol: | TSX Venture: LRA
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| Stock price: | C$1.17 at close July 4
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| Market capitalization: | C$44.12 million
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