By Devika Patel
Knoxville, Tenn., Nov. 20 - Logan Resources Ltd. said it will conduct a non-brokered private placement of units and flow-through units, raising C$3.5 million.
The company will sell 1,428,572 units at C$0.35 apiece for C$500,000. Each unit consists of one common share and one warrant. Each warrant is exercisable into one non flow-through common share at C$0.45 for 18 months.
The company also will sell 7.5 million flow-through units of one flow-through common share and one half-share warrant at C$0.40 each for C$3 million. Each warrant is exercisable into one non flow-through common share at C$0.50 for 18 months.
The company may pay an 8% finder's fee in cash or units.
The proceeds from the flow-through portion of the deal will be used for exploration. Proceeds from the non flow-through portion of the deal will be used for working capital and exploration.
Logan, based in Vancouver, B.C., is a gold, copper and uranium exploration company.
| Issuer: | Logan Resources Ltd.
|
| Issue: | Units of one non flow-through common share and one warrant; flow-through units of one flow-through common share and one half-share warrant
|
| Amount: | C$3.5 million
|
| Agent: | Non-brokered
|
| Fees: | 8% in cash or units
|
| Pricing date: | Nov. 20
|
| Stock symbol: | TSX Venture: LGR
|
| Stock price: | C$0.345 at close Nov. 19
|
|
|
| Units
|
| Amount: | C$500,000
|
| Units: | 1,428,572
|
| Price: | C$0.35
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.45
|
|
|
| Flow-through units
|
| Amount: | C$3 million
|
| Units: | 7.5 million
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.50
|
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