Declan Resources Inc. (CSE: LAN) announces that it has closed its previously announced non-brokered private placement, generating gross proceeds of $2,820,500 through the issuance of 11,282,000 units at $0.25.
Each Unit will consist of one common share and one-half of one common share purchase warrant. Each whole warrant will be exercisable at a price of $0.45 for a period of one year from the date of closing. Proceeds from the Offering will be used to commence exploration work on the Company’s Cobalt properties and for general working capital.
In connection with the Offering, the Company paid a 7% cash finder’s fee to qualified parties. The securities issued in connection with the Offering are subject to a hold period and may not be traded until December 1, 2018.
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