Lafleur Minerals closes $1.66-million financing

Executive Summary

• Lafleur Minerals Inc. closed a non-brokered flow-through private placement raising aggregate gross proceeds of $1,663,370.
• The offering consisted of 2,410,682 flow-through units priced at $0.69 per unit, with each unit comprising one flow-through common share and one share purchase warrant.
• Proceeds are designated for exploration and drilling at the Swanson gold deposit, as well as ore sorting and metallurgical testwork to support the Preliminary Economic Assessment (PEA) for the Beacon gold mill.

Key Details

• Gross Proceeds: $1,663,370.
• Units Issued: 2,410,682 flow-through units.
• Price Per Unit: $0.69 CAD.
• Unit Composition: Each unit consists of one flow-through common share and one share purchase warrant.
• Warrant Terms:
  • Each warrant allows the purchase of one additional share.
  • Exercise Price: $0.75 per warrant share.
  • Term: 24 months from issuance.
  • Accelerated Expiry: Triggered if shares trade at a VWAP of at least $0.90 for 14 consecutive trading days, with 30 business days' notice from the company (applicable after four months from closing).
• Hold Period: Four months plus one day following the date of issue.
• Finder’s Fees:
  • Cash fees: $104,652.14 paid to eligible finders.
  • Warrants issued to finders: 151,668 non-transferable share purchase warrants.
  • Finder’s Warrant Terms: Exercisable at $0.75 per share for 24 months, subject to the same accelerated expiry conditions as investor warrants.
• Use of Proceeds:
  • Exploration and drilling programs at the Swanson gold deposit (Abitibi gold belt, Val d'Or, Que.).
  • Flow-through eligible work, including ore sorting and metallurgical testwork of a large bulk sample using independent experts (SGS and SRC).
  • Support for mineral resource estimates and economic viability, specifically regarding ore sorting technology effectiveness.
• Tax/Flow-Through Details:
  • Gross proceeds will be incurred as Canadian exploration expenses and flow-through mining expenditures.
  • Expenditures to be renounced to purchasers with an effective date no later than Dec. 31, 2025.
  • Renounced amount will be not less than the gross proceeds raised.
  • Quebec resident subscribers may qualify for additional exploration base inclusions under the Quebec Tax Act.
  • Company indemnifies FT share subscribers for additional taxes if qualifying expenditures are reduced by the Canada Revenue Agency.
• Project Context:
  • Swanson gold deposit is a district-scale, advanced-stage project.
  • Beacon gold mill (100% owned) is near-term producing, capable of processing >750 tonnes/day, and is being evaluated for processing Swanson material.
  • Preliminary Economic Assessment (PEA) is being completed with ERM to evaluate restarting gold production at Beacon.

Notable Quotes

• No direct quotes from the CEO or President were included in the provided text.