First Tranche of Lions Gate Metals Non-Brokered Private Placement Closed

Lions Gate Metals Inc. (TSXV:LGM) raised gross proceeds of $460,000 in this first tranche closing through the sale of a total of 1,000,000 flow-through units at a price of $0.46 per flow-through unit, closing the first tranche of the non-brokered placement.

As quoted in the press release:

Each flow-through unit consists 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.

As part of this private placement, the Company is also offering up to 1,000,000 non flow-through units at a price of $0.40 per non flow-through unit. 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. To date, no non flow-through units have been placed in this private placement.

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