Archive for category Financings

Lorraine Copper does Private Placement

Lorraine Copper has received subscriptions for a non-brokered private placement agreement, subject to regulatory approval, for the sale of up to 2,000,000 units (each unit comprises one common share and one share purchase warrant) at a price of $0.05 per unit. Each warrant provides for the purchase of an additional common share at a price of $0.10 per share for five years from the date of regulatory approval. The shares issued pursuant to this private placement, and any warrants exercised therefrom, shall be subject to a four-month hold period.

Total gross proceeds of the offering will be $100,000. The proceeds of the offering shall be applied to general working capital.

The company shall pay no fees or commissions on behalf of the placement.

This offering is subject to approval of the TSX Venture Exchange.

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Finlay Minerals Private Placement

Finlay Minerals Ltd. has closed a non-brokered private placement of $203,750 through the sale of 4,075,000 units at five cents per unit. Each unit consists of one common share and one share purchase warrant, with a term of 60 months and an exercise price of 10 cents until June 22, 2014.

The units will have a hold period expiring Oct. 24, 2009.


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Serengeti Extends Exercise Term of Warrants

Serengeti Resources advises that, subject to regulatory approval, it has agreed to extend the exercise term of a total of 1,559,000 share purchase warrants which were issued in its private placement of Flow Through Shares and Non-Flow Through Units which closed February 16, 2007.

In accordance with new TSX-V Policies allowing for the extension of the exercise terms for previously issued share purchase warrants, the Company intends to extend the exercise term of the above warrants for an additional one year, from an expiry date of February 13, 2009 to an expiry date of 4:30pm PST on February 13, 2010 (the “Extended Expiry Date”). The exercise price of these warrants will remain at $1.00 per share.

If, at any time prior to the Extended Expiry Date of the 1,559,000 warrants, the weighted average closing price of the Company’s shares is $1.25 or greater for a period of 10 consecutive trading days (“Premium Trading Days”), the Company will impose a provision that the warrant holders will be given 30 days after the tenth Premium Trading Day to exercise their warrants, otherwise the warrants will expire on the 31st day.

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