Lake Victoria Gold closes $2-million private placement

Executive Summary

• Lake Victoria Gold Ltd. closed a non-brokered concurrent private placement, issuing 11,428,571 common shares for gross proceeds of $2 million.
• The shares were issued at a price of 17.5 cents per share.
• Insiders participated in the placement, purchasing approximately $669,165 worth of shares.
• The company paid Canaccord Genuity Corp. cash and finder warrants as compensation for their role in the placement.

Key Details

• Transaction Structure: Non-brokered concurrent private placement closed pursuant to National Instrument 45-106 exemptions.
• Shares Issued: 11,428,571 common shares.
• Price Per Share: 17.5 cents.
• Gross Proceeds: $2,000,000.
• Use of Proceeds: General working capital purposes.
• Statutory Hold Period: Four months and one day following the date of issuance for all securities issued.
• Finder Compensation (Canaccord Genuity Corp.):
  • Cash payment: $7,007.
  • Finder Warrants: 40,040 warrants.
  • Warrant Exercise Price: 17.5 cents per share.
  • Warrant Term: Three years following completion of the placement.
  • Warrant Hold Period: Four months and one day following issuance.
• Insider Participation:
  • Insiders purchased an aggregate of 3,823,800 shares.
  • Total value of insider purchases: $669,165.
  • Exempt from formal valuation and minority shareholder approval requirements of MI 61-101 as the company is not listed on specified exchanges and the fair market value of securities distributed to insiders does not exceed 25% of market capitalization.

Notable Quotes

• None provided in the text.