12 Jan, 2018, 14:35 ET
/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES/
(All dollar amounts are in Canadian dollars unless otherwise indicated)
PERTH, Australia, Jan. 12, 2018 /CNW/ - LeadFX Inc. (the "Company" or "LeadFX") (TSX: LFX) today announces that further to the Company's news releases dated December 14, 2017 and December 19, 2017, the Company has closed the second of two tranches of its non-brokered private placing for the issue of up to 2,374,301 units, each unit being comprised of one (1) common share of the Company ("Common Share") and one (1) Common Share purchase warrant for each one (1) Common Share issued (hereinafter, a "Unit").
Sentient Global Resources Fund IV, LP ("Sentient") has purchased 576,777 Units and InCoR Energy Metals Limited ("InCoR") has purchased 610,374 Units in this second tranche.
The Units are being issued at $0.49 per Unit for gross proceeds of $1,163,407 (the "Offering"). Each warrant entitles the holder thereof to purchase one (1) additional Common Share at a price of $0.61 any time within 60 months of completion of the applicable tranche of the Offering.
The Common Shares sold are subject to a four month hold period which under applicable Canadian securities laws.
Proceeds from the Offering will be used for general corporate and working capital purposes.
At the completion of this tranche of the Offering, Sentient and InCoR will own 80.5% and 6.5% respectively of the issued and outstanding Common Shares of LeadFX.
About LeadFX Inc.
LeadFX is a Toronto Stock Exchange listed, Australian based, mining company focused on the development of lead and lead-silver projects located in Australia and North America. The Company's primary undertaking is the Paroo Station lead mine, located 30km west of the town of Wiluna in Western Australia.
The Paroo Station lead mine has been on care and maintenance since January 2015. A dedicated staff of plant operators and technicians have undertaken consistent structural and integrity checks of plant and equipment, run mills at regular intervals and maintained the flotation tanks ensuring the plant can be re-started and brought back to pre-closure production levels within months. The Company is currently completing a definitive feasibility study assessing the technical and financial merits of building a hydrometallurgical plant on site to produce approximately 70,000tpa of lead metal.
The Company also owns an 83.5% interest in the Burin mines and surrounding land claims in the Tintic mining district 60 miles south-east of Salt Lake City, Utah.
This news release may contain "forward-looking statements" within the meaning of applicable Canadian securities laws. An example of forward-looking information in this news release includes but is not limited to statements and information concerning timing that the Paroo Station plant can be re-started and brought back to pre-closure production levels. Forward-looking statements are often, but not always, identified by the use of words such as ''seek'', ''anticipate'', ''contemplate'', ''target'', ''believe'', ''plan'', ''estimate'', ''expect'', and ''intend'' and statements that an event or result ''may'', ''will'', ''can'', ''should'', ''could'' or ''might'' occur or be achieved and other similar expressions. Forward-looking information by its nature requires assumptions and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information, and readers are cautioned not to place undue reliance on such information. These statements are based on expectations, estimates and projections as at the date of this news release and are subject to a number of risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievement may vary materially from those expressed or implied by the forward-looking information contained in this news release. These risk factors should be carefully considered and readers are cautioned not to place undue reliance on forward-looking information, which is current only as of the date of this news release. All subsequent forward-looking information attributable to LeadFX herein is expressly qualified in its entirety by the cautionary statements contained in or referred to herein. LeadFX does not undertake any obligation to release publicly any revisions to this forward-looking information to reflect events or circumstances that occur after the date of this news release or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
SOURCE LeadFX Inc.
For further information: Andrew Worland, Chief Executive Officer, LeadFX Inc, 1D, 21 Teddington Street, Burswood, Perth, Western Australia 6100, [email protected], Email: [email protected]
Share this article