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Lodge Resources Closes Final Tranche of Private Placement

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Lodge Resources Closes Final Tranche of Private Placement

 

 

 

 

 

Lodge Resources Inc. (CSE: LDG) (FSE: 3WU) is pleased to announce that the Company has completed its second and final closing of its previously announced non-brokered private placement of units at $0.35 per Unit. At this final closing, the Company issued and sold an aggregate of 1,229,500 Units for gross proceeds of $430,325, and together with the first closing, the Company issued an aggregate of 4,268,911 Units for gross proceeds of $1,494,118.85.

 

Each Unit consists of one common share and one common share purchase warrant of the Company. Each Warrant is exercisable into an additional Share for 12 months at $0.50 per Share.

 

In connection with the second closing of the Offering, the Company paid a cash finder’s fee of $12,355 to eligible finders. Additionally, the Company has issued an aggregate of 35,300 common share purchase warrants to the finders. The Finder’s Warrants have the same terms as the Warrants issued under the Offering, but are non-transferable.

 

All securities issued in connection with the second closing of the Offering are subject to a statutory hold period of four months plus a day in accordance with applicable securities legislation ending on September 12, 2020.

 

The net proceeds received from the Offering will be used for general corporate and working capital purposes.

 

About the Company:

 

The Company is a mineral exploration company focused on the acquisition, exploration and development of mineral properties in Canada and the USA.

 

Posted May 12, 2020

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