/NOT FOR DISTRIBUTION TO NEWS WIRE SERVICES IN THE UNITED STATES./
VANCOUVER, Aug. 18 /CNW/ - Logan Resources Ltd. (TSXV:LGR) (the
"Company") today announced that it has closed the first tranche of the
non-brokered private placement that was announced on June 5, 2009, and has
issued 5,820,000 units at a price of $0.05 per Unit for gross proceeds of
$291,000. Each unit is comprised of one common share and one-half of one share
purchase warrant (a "Warrant"). Each whole Warrant is exercisable at a price
of $0.10 per share for a period of two years. The common shares and the shares
to be issued upon exercise of the Warrants are subject to a hold period until
December 7, 2009.
The proceeds from the Offering will be used for general working capital,
and the Company will continue to offer the remaining 680,000 units
contemplated by the original news release.
Logan Resources Ltd. is a mineral exploration company that specializes in
acquiring, exploring and advancing Canadian mineral properties. The Company
has a diversified portfolio of precious metal, base metal and uranium
projects. For more information on the property portfolio and the Company,
please visit www.loganresources.ca, www.sedar.com and www.sec.gov websites.
ON BEHALF OF THE BOARD
President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation
of an offer to sell any of the securities in the United States. The securities
have not been and will not be registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act") or any state securities
laws and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from registration is available.
For further information:
For further information: Seamus Young, President & CEO,
email@example.com, T: (604) 689-0299 x 223