Proceeds to be used on company's properties in Yukon, British Columbia
By Devika Patel
Knoxville, Tenn., Oct. 26 - Logan Resources Ltd. said it plans a non-brokered private placement of units. It will raise C$1 million in the offer.
The company will sell 6,666,667 units of one common share and one warrant at C$0.06 per unit and 8 million flow-through units of one flow-through common share and a warrant at C$0.075 per unit.
Each one-year warrant will be exercisable at C$0.12. Each one-year flow-through warrant will be exercisable at C$0.15.
The strike prices are 50% and 87.5% premiums to the Oct. 25 closing share price of C$0.08.
Proceeds will be used on the company's properties in the Yukon and British Columbia and for working capital and general exploration expenses.
Logan, based in Vancouver, B.C., is a gold, copper and uranium exploration company.
| Issuer: | Logan Resources Ltd.
|
| Issue: | Units of one common share and one warrant, flow-through units of one flow-through common share and a warrant
|
| Amount: | C$1 million
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 26
|
| Stock symbol: | TSX Venture: LGR
|
| Stock price: | C$0.08 at close Oct. 25
|
| Market capitalization: | C$5 million
|
|
|
| Units
|
| Amount: | C$400,000
|
| Units: | 6,666,667
|
| Price: | C$0.06
|
| Warrant strike price: | C$0.12
|
|
|
| Flow-through units
|
| Amount: | C$600,000
|
| Units: | 8 million
|
| Price: | C$0.075
|
| Warrant strike price: | C$0.15
|
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