LeadFX Inc. (TSX:LFX) announced that it has closed the first of two tranches of a non-brokered placement for the issue of up to 2,374,301 units. Proceeds will be used for general corporate and working capital purposes.
As quoted in the press release:
Sentient Global Resources Fund IV, LP (“Sentient”) has purchased 576,777 Units and InCoR Energy Metals Limited (“InCoR”) has purchased 610,373 Units in this first tranche.
The Units are being issued at $0.49 per Unit for gross proceeds of $1,163,407 (the “Offering”). Each warrant entitles the holder thereof to purchase one (1) additional Common Share at a price of $0.61 any time within 60 months of completion of the Offering.
The Common Shares sold are subject to a four month hold period, which under applicable Canadian securities laws, expires on April 20, 2018.
The second tranche of the Offering is due to be completed on or before January 12, 2018.