By Sheri Kasprzak
Atlanta, Nov. 1 - Lexington Resources Inc. said Monday it raised $2.5 million in a private placement.
The offering included 1,700,686 units of one share and one purchase warrant at $1.47.
The warrants, good for six years, allow for the purchase of an additional share at $1.68.
Investment bank C.K. Cooper & Co. acted as placement agent in the deal.
Based in Las Vegas, Lexington is an oil and natural gas exploration and development company. The company plans to use the proceeds from the deal to increase drilling and land acquisition and to expedite the development of its domestic gas projects.
| Issuer: | Lexington Resources Inc.
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| Issue: | Units of one share and one warrant
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| Amount: | $2.5 million
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| Shares: | 1,700,686 units
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| Price: | $1.47
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| Warrants: | One warrant per unit
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| Warrant expiration: | Six years
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| Warrant strike price: | $1.68
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| Placement agent: | C.K. Cooper & Co.
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| Announced date: | Nov. 1
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| Stock price: | $2.40 at close Oct. 29
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