Lahontan Gold Corp. (TSXV: LG, OTCQB: LGCXF) has successfully closed its previously announced non-brokered private placement, raising $2,499,880.20 through the issuance of 16,665,868 units at $0.15 per unit. Strong investor demand prompted the company to upsize the offering from 13.3 million units to 16.7 million.
Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant is exercisable at $0.25 per share for two years, subject to an accelerated expiry if Lahontan shares trade at or above $0.35 for ten consecutive trading days after the four-month hold period.
Proceeds from the financing will support exploration at the Santa Fe Mine and West Santa Fe Projects in Nevada, as well as general working capital. All securities issued are subject to a four-month-plus-one-day hold period under applicable securities laws.
In connection with the placement, Lahontan paid eligible finders $28,910.39 in cash commissions and issued 192,735 broker warrants on the same terms as investor warrants.
The offering included participation by an insider acquiring 300,000 units, constituting a related party transaction under TSX Venture Exchange Policy 5.9 and MI 61-101. The company relied on exemptions from valuation and minority approval requirements, noting that the fair market value of insider participation did not exceed 25% of Lahontan’s market capitalization.
This financing positions Lahontan to advance its flagship Nevada gold projects as exploration momentum builds.
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