LOGAN RESOURCES ANNOUNCES PRIVATE PLACEMENT OF UP TO $1,000,000
/NOT FOR DISTRIBUTION TO NEWS WIRE SERVICES IN THE UNITED STATES/
VANCOUVER, Oct. 25 /CNW/ - Logan Resources Ltd. (TSXV:LGR) ("The Company") today announced a non-brokered private placement consisting of up to 6,666,667 non-flow through units (the "Non FT Units") at a price of $0.06 per non-flow through unit, and up to 8,000,000 flow through units (the "FT Units") at a price of $0.075 per flow through unit for total gross proceeds of up to $1,000,000 (the "Offering").
Each Non FT Unit shall consist of one non flow-through common share and one non-flow-through share purchase warrant, with each such warrant exercisable into one common share of the Company for one year from closing date at a price of $0.12.
Each FT Unit shall consist of one flow-through common share and one non-flow-through share purchase warrant, with each such warrant exercisable into one common share of the Company for one year from closing date at a price of $0.15.
A 5% finder's fees will be attached to the financing in the form of stock. The Offering is subject to TSX Venture Exchange acceptance. All securities issued pursuant to the Offering will be subject to a four month hold period from the closing date.
The proceeds from the flow-through portion of the financing will be used on the Company's properties in the Yukon and British Columbia. Proceeds from the non flow- through portion of the financing will be used for working capital and general exploration.
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, iron 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 "Seamus Young" --------------------------------- Seamus Young 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.
%SEDAR: 00007767E
For further information: For further information: Seamus Young, President & CEO, [email protected], T: 604-689-0299 x 223
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