By Devika Patel
Knoxville, Tenn., July 2 - Lions Gate Metals Inc. said it completed a C$1.08 million initial tranche of a non-brokered private placement of units. The deal priced for up to C$1.5 million on May 13 and was increased to C$1.83 million on June 18.
In the first tranche, the company sold 1.2 million flow-through units of one common share and one two-year half-share warrant at C$0.90 per unit to the MineralFields Group.
It also plans to sell 937,500 units of one common share and one five-year half-share warrant at C$0.80 per unit.
Each whole warrant will be exercisable at C$1.00.
Proceeds will be used for exploration.
Based in Vancouver, B.C., Lions Gate owns substantial copper and molybdenum projects located in British Columbia.
| Issuer: | Lions Gate Metals Inc.
|
| Issue: | Flow-through units of one flow-through common share and one half-share warrant, units of one common share and one half-share warrant
|
| Amount: | C$1.83 million
|
| Warrants: | One half-share warrant per unit
|
| Warrant strike price: | C$1.00
|
| Agent: | Non-brokered
|
| Pricing date: | May 13
|
| Amended: | June 18
|
| Stock symbol: | TSX Venture: LGM
|
| Stock price: | C$0.73 at close May 12
|
| Market capitalization: | C$9.73 million
|
|
|
| Flow-through units
|
| Amount: | C$1.08 million
|
| Units: | 1.2 million
|
| Price: | C$0.90
|
| Warrant expiration: | Two years
|
| Investor: | MineralFields Group
|
| Settlement date: | July 2
|
|
|
| Units
|
| Amount: | C$750,000
|
| Units: | 937,500
|
| Price: | C$0.80
|
| Warrant expiration: | Five years
|
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