Lions Gate Announces Non-Brokered Private Placement of up to 1M Flow Through and 1M Non Flow Through Units

Lions Gate Metals Inc. (TSXV:LGM) announced a non-brokered private placement of up to 1,000,000 flow through units at a price of $0.46 per flow-through unit and 1,000,000 non flow-through units of the Company at a price of $0.40 per non flow-through unit for an aggregate gross proceeds of $860,000.

As quoted in the press release:

Each flow-through unit will consist of one flow-through common share which qualifies as a “flow-through share” for tax purposes of the Income Tax Act (Canada) and one half of one common share purchase warrant, with each whole warrant exercisable into a non-flow through common share for a period of 18 months at an exercise price $0.80.

Each non flow-through unit will consist of one common share and one half of one common share purchase warrant, with each whole warrant exercisable into a non-flow through common share for a period of 18 months at an exercise price $0.80.
The warrants will contain a provision that if the Company’s common shares trade at a price in excess of $1.00 for a period of 10 consecutive days the Company may issue a notice accelerating the expiry date of the warrants to a date that is 30 days from the date of the notice.

Click here to read the Lions Gate Metals Inc. (TSXV:LGM) press release