By Laura Lutz
Des Moines, June 19 - L.G.R. Resources Ltd. plans to conduct a private placement of units for up to C$4 million and at least C$2 million.
The company plans to sell units of one share and one half-share warrant at C$0.27 per unit. Each whole warrant will be exercisable at C$0.40 for two years.
Haywood Securities (UK) Inc. and Haywood Securities Inc. are the agents.
Of the proceeds, C$1 million will be advanced to Stream Oil & Gas Ltd. in connection with Stream's reverse takeover of L.G.R. The remainder will be used to reduce payables, for the merger and for working capital.
Following the merger, L.G.R. will conduct a one-for-four share consolidation.
L.G.R. is a resource exploration company based in Vancouver, B.C.
| Issuer: | L.G.R. Resources Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$4 million (maximum); C$2 million (minimum)
|
| Price: | C$0.27
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40
|
| Agents: | Haywood Securities (UK) Inc., Haywood Securities Inc.
|
| Pricing date: | June 19
|
| Stock symbol: | CNQ: MHPT
|
| Stock price: | C$0.15 at close June 18
|
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