By Sheri Kasprzak
New York, March 28 - Logan Resources Ltd. said it plans to raise C$3.25 million in a private placement of flow-through and non flow-through units.
The offering includes 5 million flow-through units at C$0.55 each and 1 million non flow-through units at C$0.50 each.
The flow-through units consist of one share and one half-share warrant, with each whole warrant exercisable at C$0.70 for 18 months.
The non flow-through units consist of one share and one half-share warrant, with each whole warrant also exercisable at C$0.70 for 18 months.
Pacific International Securities Inc. is the placement agent for the deal and has a greenshoe for up to 25% of the offering size in either flow-through or non flow-through units.
Separately, Logan said it plans to raise another C$250,000 in a non-brokered placement.
The offering includes up to 500,000 non flow-through units of one share and one half-share warrant.
The warrants are exercisable under the same terms as the brokered offering.
Proceeds from the flow-through units will be used for exploration on the company's properties in the Yukon and British Columbia. The rest will be used for general exploration and for working capital.
Logan, based in Vancouver, B.C., is a gold, copper and uranium exploration company.
| Issuer: | Logan Resources Ltd.
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| Issue: | Flow-through and non flow-through units of one share and one half-share warrant
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| Amount: | C$3.25 million
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| Placement agent: | Pacific International Securities Inc.
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| Pricing date: | March 28
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| Stock symbol: | TSX Venture: LGR
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| Stock price: | C$0.60 at close March 28
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|
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| Flow-through units
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| Units: | 5 million
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| Price: | C$0.55
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$0.70
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| Non flow-through units
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| Units: | 1 million
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| Price: | C$0.50
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$0.70
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