LaSalle Exploration Corp. is pleased to announce the closing of a hard dollar and flow-through unit private placement raising gross proceeds of $1,648,701. Each unit sold was comprised of one common share and one-half common share purchase warrant with each whole warrant being exercisable into one common share for 18 months from the closing date of the Offering, at $0.15 per share. Gross proceeds of $845,000, to be …
LaSalle Exploration Corp. (TSXV: LSX) (“LaSalle” or the “Company”) is pleased to announce the closing of a hard dollar and flow-through unit private placement (the “Offering”) raising gross proceeds of $1,648,701. Each unit sold was comprised of one common share and one-half common share purchase warrant (each a “Unit’), with each whole warrant being exercisable into one common share for 18 months from the closing date of the Offering, at $0.15 per share. Gross proceeds of $845,000, to be used for general corporate purposes, was raised from the sale of 8,450,000 Units at $0.10 per Unit. A further 5,033,646 flow-through Units (the “FT Units”) were sold at $0.11 per FT Unit on a flow-through basis for gross proceeds of $553,701 (“FT Proceeds”), and a further 1,923,077 Quebec flow-through Units the (“QFT Units”) were sold at $0.13 per QFT Unit on a flow-through basis to residents of Quebec for gross proceeds of $250,000 (“QFT Proceeds”). The gross FT Proceeds and QFT Proceeds will be used for exploration expenditures that will qualify as Canadian Exploration Expenditures (“CEE”) and “flow-through mining expenditures” within the meaning of the Income Tax Act (Canada), with the QFT Proceeds expended exclusively on the Company’s properties in Quebec and thereby qualify for additional deductions under the Taxation Act (Quebec).
“We are very pleased to be in a strong financial position to advance the Company’s gold properties in Ontario and Quebec and accelerate our corporate agenda,” commented Ian Campbell, President and CEO of LaSalle.
The FT Proceeds will be expended on the Company’s Blakelock and Egan gold properties in northeastern Ontario. The QFT Proceeds will be expended on the company’s Radisson gold property in the Eeyou Istchee-James Bay region of Quebec.
Eventus Capital Corp. and Haywood Securities Inc. acted as Advisors on a portion of the Offering for which they received commissions of 6% in cash on the Units placed and 6% of the number of Units placed in compensation warrants having the same terms as the Unit warrants.
The shares, warrants and shares resulting from exercise of the warrants issued in the Offering will be subject to a four-month resale hold period in Canada ending March 27, 2021.
About LaSalle Exploration Corp
LaSalle is an exploration company focused on less-explored districts of the Abitibi Greenstone Belt, recognized for mining investment based on mineral potential, policy and success, central to world-class mining districts in Ontario, and the developing Eeyou Itschee-James Bay region in Quebec. LaSalle trades on the Toronto Venture Exchange (“TSX-V”) under the symbol “LSX”. Additional information about LaSalle can be found on SEDAR at www.sedar.com and on the Company’s website at www.lasallecorp.com.
On behalf of the Board of Directors,
President and Chief Executive Officer
Telephone: (604) 647-3966
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been, and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as such term is defined in Regulation S under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available).
Cautionary Note Regarding Forward-Looking Statements and Information
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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