Lahontan Announces Closing of Upsized Private Placement

Executive Summary

• Lahontan Gold Corp. closed a non‑brokered private placement of 16,665,868 units at $0.15 per unit, raising gross proceeds of $2,499,880.20 (up‑sized from the originally planned 13,333,333 units).
• Proceeds will be used for general working capital and to fund exploration activities at the Santa Fe Mine and West Santa Fe projects.
• The offering included common shares and half‑share purchase warrants; related party participation of 300,000 units was exempted from minority shareholder approval under TSX Venture Exchange policy.

Key Details

• Units Issued: 16,665,868 (each consisting of one common share + ½ warrant).
• Price per Unit: $0.15 CAD.
• Gross Proceeds: $2,499,880.20 CAD.
• Upsizing: Offering increased from 13,333,333 to 16,665,868 units due to investor demand.
• Warrant Terms: Each warrant allows purchase of one common share at $0.25 for two years; may be accelerated if TSX‑V price ≥ $0.35 CAD for ten consecutive trading days after four months + 1 day, expiring 30 business days after a press release announcing the acceleration.
• Hold Period: All securities subject to a lock‑up of four months plus one day from issuance.
• Finder Commissions Paid: $28,910.39 CAD (cash).
• Broker Warrants Issued: 192,735 broker warrants with identical exercise price and term conditions as the unit warrants.
• Related Party Transaction: Insider purchased 300,000 units; exemption relied upon under MI 61‑101 sections 5.5(b) & 5.7(1)(a). No material change report filed prior to closing (deemed reasonable for expeditious completion).
• Use of Proceeds: General working capital and exploration at Santa Fe Mine and West Santa Fe projects.

Notable Quotes

(No direct CEO/President quotes were included in the release.)