Lahontan Gold arranges $10-million private placement

Executive Summary

• Lahontan Gold Corp. announced a non‑brokered private placement of up to 24,390,244 units at C$0.41 per unit, targeting gross proceeds of up to C$10 million.
• Each unit consists of one common share and half of a whole common‑share purchase warrant (exercise price C$0.60, two‑year term with possible acceleration).
• Proceeds will be used for general working capital and exploration activities at the Santa Fe mine and West Santa Fe projects.

Key Details

• Units Offered: Up to 24,390,244 units.
• Pricing: C$0.41 per unit; total gross proceeds up to C$10 million.
• Unit Composition: 1 common share + ½ of a whole common‑share purchase warrant.
• Warrant Terms: Right to purchase one common share at C$0.60 for two years from issuance; may be accelerated to expire 30 business days after a press release if the TSX Venture Exchange price ≥ C$1 for ten consecutive trading days, beginning four months and one day after issuance.
• Use of Proceeds: General working capital and exploration at Santa Fe mine and West Santa Fe projects.
• Hold Period: Securities subject to a hold period of four months plus one day; outside‑Canada securities not subject to statutory hold under Ontario Securities Commission Rule 72‑503.
• Closing Conditions: Subject to regulatory approvals, TSX Venture Exchange approval, and other customary conditions.

Notable Quotes

(No executive quotes were provided in the release.)