By Sheri Kasprzak
New York, July 10 - Lexam Explorations Inc. arranged a C$3 million private placement.
The company plans to sell, on a non-brokered basis, 6 million units of one share and one half-share warrant.
The whole warrants are exercisable at C$0.70 each for two years.
Rob McEwen, chairman and chief executive officer of Lexam, subscribed for 4 million of the units.
The proceeds will be used to advance the Baca Grant oil and gas project in Colorado.
Concurrently with the settlement of the placement, Lexam will issue 189,852 shares to insiders at C$0.50 each.
Lexam, based in Toronto, is an oil and natural gas exploration company.
| Issuer: | Lexam Explorations Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$3 million
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| Units: | 6 million
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| Price: | C$0.50
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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$0.70
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| Placement agent: | Non-brokered
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| Investor: | Rob McEwen (for 4 million units)
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| Pricing date: | July 10
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| Stock symbol: | TSX Venture: LEX
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| Stock price: | C$0.54 at close July 10
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