/NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION TO U.S.
VANCOUVER, Dec. 20 /CNW/ - Logan Resources Ltd. (the "Company")
(TSXV:LGR) is pleased to announce completion of the second and final tranche
of a private placement consisting of 1,250,000 flow-through units ("FT Units")
at a price of $0.40 per FT Unit and 100,000 non-flow-through units ("NFT
Units") at a price of $0.35 per NFT Unit for aggregate gross proceeds of
Each FT Unit consists of one flow-through common share in the capital of
the Company and one-half of one share purchase warrant (a "FT Warrant"). Each
whole FT Warrant entitles the holder to purchase one non-flow-through common
share at $0.50 per share for 18 months. Each NFT Unit consists of one non-flow
through common share in the capital of the Company and one share purchase
warrant (a "NFT Warrant"). Each NFT Warrant entitles the holder to purchase
one non-flow-through common share at $0.45 per share for 18 months.
The Company paid finder's fees in connection with the financing
consisting of $22,120 in cash, 49,000 common shares and issued 24,500 warrants
which entitle the holder to purchase one non-flow-through common share at
$0.50 per share for 18 months. The proceeds from the sale of the FT Units will
be used to incur qualifying expenses on the Company's Canadian mineral
Logan Resources Ltd. is a mineral exploration company that specializes in
acquiring, exploring and advancing Canadian mineral properties. For more
information on the property portfolio and the Company, please visit
www.loganresources.ca, www.sedar.com and www.sec.gov websites.
Statements contained in this news release that are not historical facts
are forward-looking statements, which are subject to a number of known and
unknown risks, uncertainness and other factors that may cause the actual
results to differ materially from those anticipated in our forward looking
statements. Although we believe that the expectations in our forward looking
statements are reasonable, actual results may vary, and we cannot guarantee
future results, levels of activity, performance or achievements.
The TSX Venture Exchange has neither approved nor disapproved the
information contained herein.
For further information:
For further information: Seamus Young, President & CEO,
email@example.com, T: (604) 689-0299 x 223