Non-brokered deal funds exploration, general working capital purposes
By Devika Patel
Knoxville, Tenn., Aug. 17 - Logan Resources Ltd. said it will conduct a C$1 million non-brokered private placement of units.
The company will sell 10 million units of one common share and one half-share warrant at C$0.10 per unit, with each whole warrant exercisable at C$0.20 for two years. The strike price is an 81.82% premium to C$0.11, the Aug. 16 closing share price.
Proceeds will be used for exploration, development and acquisition programs and general working capital purposes.
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 half-share warrant
|
| Amount: | C$1 million
|
| Units: | 10 million
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Pricing date: | Aug. 17
|
| Stock symbol: | TSX Venture: LGR
|
| Stock price: | C$0.11 at close Aug. 16
|
| Market capitalization: | C$577,780
|
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