Lahontan Gold Corp. (TSXV: LG; OTCQB: LGCXF; FSE: Y2F) says it plans to raise up to C$10 million through a non-brokered private placement aimed at funding exploration and general corporate purposes as it continues advancing its Santa Fe Mine project in Nevada.
Under the proposed financing, Lahontan intends to issue up to 24,390,244 units at C$0.41 per unit, for gross proceeds of up to C$10,000,000. Each unit will consist of one common share and one-half of one common share purchase warrant, meaning investors will receive one warrant for every two units purchased. lahontan pp
Warrant terms and potential acceleration
Each whole warrant will allow the holder to purchase one additional common share at an exercise price of C$0.60 for a period of two years from the date of issuance. The company also outlined an acceleration feature: if Lahontan’s common shares trade at or above C$1.00 for 10 consecutive trading days after the statutory hold period (described as four months plus one day), the company may shorten the warrant term so that warrants expire 30 business days after Lahontan issues a news release announcing the reduced term. lahontan pp
Use of proceeds: Santa Fe and West Santa Fe
Lahontan said proceeds from the offering are expected to be used for general working capital and exploration at the company’s Santa Fe Mine and West Santa Fe projects. Securities issued under the financing will be subject to a four-month-plus-one-day hold period, and completion is subject to customary conditions including required regulatory approvals and approval of the TSX Venture Exchange. lahontan pp
The company also emphasized that the offering is not for distribution in the United States, and that the securities have not been registered under the U.S. Securities Act, restricting their offer and sale into the U.S. absent registration or an available exemption. lahontan pp
Company backdrop: Walker Lane-focused explorer
Lahontan describes itself as a Canadian mine development and mineral exploration company with, through its U.S. subsidiaries, four gold and silver exploration properties in Nevada’s Walker Lane district. Its flagship asset is the Santa Fe Mine project, a 28.3 km² property that historically produced 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1995 from open-pit operations using heap-leach processing. lahontan pp
In the same release, Lahontan summarized a Canadian National Instrument 43-101 compliant mineral resource for Santa Fe, reporting an Indicated Mineral Resource of 1,539,000 oz Au Eq and an Inferred Mineral Resource of 411,000 oz Au Eq (with additional grade and tonnage details provided in the release). The company said it plans to continue advancing Santa Fe toward production, update its preliminary economic assessment, and drill test the satellite West Santa Fe project.
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