Lorraine Copper Corporation: Announces Private Placement
22.09.2017 | The Newswire
Vancouver, September 22, 2017 - Lorraine Copper Corp. (LLC:TSX-V) announces that it has arranged a private placement to raise gross proceeds of up to CDN $360,000 (the "Offering"). The private placement will consist of up to 4,000,000 units at a price of $0.09 per unit (the "Units"), with each Unit consisting of one common share and one share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.15 for a period of two years following closing of the Offering subject to the following acceleration provision: If the closing price for the common shares of the company as traded on the TSX Venture Exchange is equal to or greater than $0.35 per common share for 10 consecutive trading days occurring any time after the expiry of the four-month hold period, then the purchaser shall have until 4 p.m. Vancouver, B.C., time of the 30th calendar day after the company's news release announcing the achievement of the accelerated expiry date to exercise the share purchase warrants. The share purchase warrants shall expire on the earlier of the last day of the two-year exercise term or the accelerated expiry date. The company shall issue no other notice other than such news release.All the securities issued pursuant to this private placement will be subject to a four month hold period. Completion of the Offering is subject to receipt of all required regulatory and other approvals, including acceptance by the TSX Venture Exchange. The Offering is not subject to any minimum aggregate subscription.
The Company may pay a finders' fee in respect of certain subscribers in accordance with the policies of the TSX-V. The proceeds of the offering shall be applied to working capital requirements.
About Lorraine Copper
About Lorraine Copper Lorraine Copper holds is a Canadian mineral exploration company that is acquiring and advancing copper, gold and molybdenum projects at intermediate to advanced stages that hold significant resources. Lorraine Copper currently owns three properties all of which have defined resources: Lorraine, OK and Lustdust. For more information please visit the Company's website at www.lorrainecopper.com.
On behalf of the board of directors of the Company;
Glen Garratt, P.Geo
VP, Director, Lorraine Copper Corp.
FOR FURTHER INFORMATION REGARDING LORRAINE COPPER PLEASE CONTACT:
(604) 681-7913 o
Toll Free: (888) 656-6611
The TSX - Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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