By Sheri Kasprzak
New York, April 26 - Logan Resources Ltd. said it has settled a private placement, with the fully exercised over-allotment option, for C$4,062,500.
The company sold 6.25 million flow-through units at C$0.55 each, including the greenshoe for 1.25 million units exercised by agent Pacific International Securities Inc., and 1.25 million non flow-through units for C$0.50 each, including the greenshoe for 250,000 units.
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.
The deal priced on March 28 as a C$3.25 million offering of 5 million flow-through and 1 million non flow-through units.
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.
|
| Issue: | Flow-through and non flow-through units of one share and one half-share warrant
|
| Amount: | C$4,062,500
|
| Placement agent: | Pacific International Securities Inc.
|
| Pricing date: | March 28
|
| Settlement date: | April 26
|
| Stock symbol: | TSX Venture: LGR
|
| Stock price: | C$0.60 at close March 28
|
| Stock price: | C$0.64 at close April 25
|
|
|
| Flow-through units
|
| Units: | 6.25 million (includes greenshoe for 1.25 million units)
|
| Price: | C$0.55
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.70
|
|
|
| Non flow-through units
|
| Units: | 1.25 million (includes greenshoe for 250,000 units)
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.70
|
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