Lahontan Gold Corp. (TSXV: LG | OTCQB: LGCXF) has closed a non-brokered private placement through the issuance of 455,000 units at a price of $0.11 per unit for gross proceeds of $50,050.
Each unit is comprised of one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant is exercisable to acquire one common share until 28 February 2026 at a price of $0.18 per warrant share. The securities issued in connection with the offering are subject to a four-month hold period from the date of closing of the offering in addition to any other restrictions under applicable law.
Lahontan will use the proceeds from the offering for exploration expenditures on the company’s Santa Fe, Nevada property; and working capital and general corporate purposes.
Lahontan Gold Corp. is a Canadian mineral exploration company that holds, through its US subsidiaries, three top-tier gold and silver exploration properties in the Walker Lane of mining friendly Nevada. Lahontan’s flagship property, the 19 km2 Santa Fe Mine, is a past producing gold and silver mine that utilized heap-leach processing (past production of 345,000oz of gold and 711,000oz of silver between 1988 and 1995; Nevada Bureau of Mines and Geology, 1995). The Santa Fe Mine has an indicated mineral resource of 1,112,000oz Au Eq (grading 1.14g/t Au Eq) and an Inferred Mineral Resource of 544,000oz Au Eq (grading 1.00g/t Au Eq), all pit constrained.
The company plans to continue to aggressively explore the entire property during 2023 and begin the process of evaluating development scenarios to bring the Santa Fe Mine back into production. Quentin J. Browne, P.Geo., Consulting Geologist to Lahontan Gold Corp., is the Qualified Person for the Company and approved the technical content of this news release.
For more information, please visit our website: www.lahontangoldcorp.com
