Listing (TSXV = LO/ FRANKFURT = LE2A)
ROUYN-NORANDA, QC, Nov. 25 /CNW Telbec/ - Lounor Exploration Inc. (TSXV: LO) is pleased to announce the closing of a non-brokered private placement of CDN $500,000 through the sale of 3,125,000 flow-through units.
The private placement was marketed on a best efforts basis by Limited Market Dealer Inc. ("LMD") to accredited investors who purchased 3,125,000 "flow-through" Units of Lounor at a price of $0.16 each. Each Flow-Through Unit is comprised of one flow-through common share of Lounor and one common share purchase warrant. Each warrant entitles the holder to purchase one non flow-through common share of Lounor at a price of $0.20 for a 24-month period expiring November 25, 2011.
The remuneration of Limited Market Dealer Inc. (LMD) consists of an amount representing 5% of the placement in cash and of non transferable warrants entitling LMD to subscribe a number of 250 000 Units of the issued shares at a price of $0.16 expiring on November 25, 2011. Each Unit is comprises of one common share of Lounor and one Purchase Warrant at an exercise price of $0.20 per share expiring on November 25, 2011.
The securities issued pursuant to this private placement are subject to a hold period of four months and a day expiring March 26, 2010.
The gross proceeds from the Flow-Through Units will be used by Lounor to incur exploration expenses on its mining properties located in Ontario and in Quebec.
"We are very pleased to be entering into this relationship with MineralFields Group", said Gilles Fiset, President and CEO. "This is an important milestone in the growth of Lounor Exploration Inc. and we look forward to working with MineralFields Group as we develop our holdings in the Matheson and Chibougamau regions."
About MineralFields, Pathway and First Canadian Securities (R)
MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities (R) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities (R).
This press release was prepared by LOUNOR EXPLORATION INC. and the TSX
Venture has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
This document may contain forward-looking statements relating to Lounor's operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Lounor's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filling. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. Lounor disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
SOURCE Lounor Exploration Inc.
For further information: For further information: Mr. Gilles Fiset, President, 1-800-388-8668, (819) 797-8668, Fax: (819) 797-6050, email@example.com; Leo Patry, Investor Relations, 1-888-974-1276, (514) 951-0250, firstname.lastname@example.org; www.lounor.com