By Sheri Kasprzak
New York, May 17 - Lexington Resources, Inc. concluded a $7.65 million private placement with a group of accredited investors.
The investors bought 7.65 million units of one share and one warrant.
Each warrant is exercisable at $1.25 for 18 months.
Proceeds from the offering will be used for the expansion of the company's 2006 capital expenditure program.
Based in Las Vegas, Lexington is an oil and natural gas exploration company.
| Issuer: | Lexington Resources, Inc.
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| Issue: | Units of one share and one warrant
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| Amount: | $7.65 million
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| Units: | 7.65 million
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| Price: | $1.00
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| Warrants: | One warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | $1.25
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| Settlement date: | May 17
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| Stock symbol: | OTCBB: LXRS
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| Stock price: | $1.38 at close May 17
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