Lahontan Gold Corp. (TSXV: LG | OTCQB: LGCXF) has increased the size of the offering of units of the company, which was first announced in February.
Under the amended terms of the offering, Beacon Securities Limited has agreed to sell on a best-efforts private placement basis, up to 20,910,000 units at a price of C$0.11 per for aggregate gross proceeds of up to C$2,300,100.
Each unit will consist of one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant will be exercisable to acquire one common share for a period of 36 months following the closing of the offering at a price of C$0.18 per warrant share.
The company has granted Beacon an option, exercisable in whole or in part at any time, up to 48 hours prior to the closing of the offering, to sell up to an additional 9,090,000 units a price per additional unit equal to the issue price. The securities to be issued under the offering will be offered by way of private placement in each of the Provinces of Canada and such other jurisdictions as may be determined by the company, in each case, pursuant to applicable exemptions from the prospectus requirements under applicable securities laws.
The securities issued in connection with this offering will be subject to a four-month hold period from the date of closing of the offering in addition to any other restrictions under applicable law.
The net proceeds from the offering will be used for: (i) exploration expenditures on the company’s Santa Fe, Nevada property; and (ii) working capital and general corporate purposes. The offering is expected to close on or about 28 February 2023, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
The offering will be conducted pursuant to the terms of an agency agreement to be entered into between the company and the agent on or prior to the closing date.
To find out more, please visit www.lahtontangoldcorp.com