(All dollar amounts are in Canadian dollars)
TORONTO, Oct. 27, 2017 /CNW/ - LeadFX Inc. (the "Company" or "LeadFX") (TSX: LFX) today announces that further to the Company's news release dated August 29, 2017, the Company has closed the second and final tranche (the "Second Tranche") of its non-brokered private placement financing for the issue of 3,125,000 common shares ("Common Shares") of the Company at $0.80 per Common Share for gross proceeds of $2.5 million (the "Offering").
The Common Shares sold under the Second Tranche are subject to a four month hold period which, under applicable Canadian securities laws, expires on February 26, 2018.
Under the Second Tranche, Sentient Global Resources Fund IV, LP ("Sentient") has purchased 910,969 Common Shares and InCoR Energy Materials Limited ("InCoR") has purchased 964,031 Common Shares for gross proceeds of $1.5 million. Proceeds of the Second Tranche will be used for general corporate purposes and working capital needs of the Company based on an agreed schedule of budgeted expenditure.
With the completion of the Offering, Sentient and InCoR hold approximately 82.3% and 3.9% of the issued and outstanding Common Shares of LeadFX, respectively.
LeadFX is a Canadian-based mining company focused on the development of lead-silver projects located in stable jurisdictions. Our current portfolio includes a restart-ready lead operation in Western Australia and a development project in Utah, USA. The Company continues to seek opportunities at its new properties in North America to underpin future cash flow and growth. LeadFX trades under the symbol "LFX" on the Toronto Stock Exchange.
SOURCE LeadFX Inc.
For further information: LeadFX Inc., Jessica Helm, VP, Corporate Communications and Investor Relations, Suite 3001, 1 Adelaide Street East, Toronto, Ontario M5C 2V9, (416) 867 9298, Email: [email protected]