Lahontan Gold closes $1.29M second tranche of placement

Executive Summary

• Lahontan Gold Corp. has closed the second tranche of its non-brokered private placement, raising $1,299,700 through the issuance of 3.17 million units.
• The total aggregate gross proceeds from the first and second tranches now stand at $11,676,900.04, representing a total of 28,480,244 units issued.
• Proceeds will be utilized for exploration at the Santa Fe mine and West Santa Fe projects, as well as for general working capital.

Key Details

• Second Tranche Specifics:
  • Issued 3.17 million units.
  • Price: $0.41 per unit.
  • Gross Proceeds: $1,299,700.
• Aggregate Offering (Tranches 1 & 2):
  • Total Units Issued: 28,480,244 units.
  • Total Gross Proceeds: $11,676,900.04.
• Security Structure:
  • Each unit consists of one common share and one-half of one common share purchase warrant.
  • Warrant Exercise Price: $0.60 per common share.
  • Warrant Term: Two years from issuance.
  • Acceleration Clause: If the share price closes at or above $1.00 for 10 consecutive trading days (starting 4 months and 1 day post-issuance), the company may accelerate the warrant expiration to 30 business days after announcing the reduction.
• Finder’s Fees and Commissions:
  • Cash commissions paid: $86,592.
  • Broker warrants issued: 211,200.
  • Broker Warrant Terms: Entitle holder to acquire one common share at $0.41 per share for a period of two years.
• Use of Proceeds:
  • Exploration at the Santa Fe mine.
  • Exploration at the West Santa Fe project.
  • General working capital.
• Regulatory and Hold Periods:
  • Standard hold period: Four months plus one day from issuance.
  • Securities issued outside Canada and the US under OSC Rule 72-503 are not subject to statutory hold periods under Canadian securities laws.

Notable Quotes

• No direct quotes from management were included in the provided text.