LaSalle Arranges Flow-Through Funds for Radisson

LaSalle Exploration Corp. is pleased to announce it has arranged a private placement (the "Offering"), with Laurentian Bank Securities Inc. acting as advisor.

Proceeds from the Offering will be used by the Company for exploration expenditures at the Radisson Property in Quebec that will qualify as "Canadian exploration expenditures" and "flow-through mining expenditures" within the meaning of the Income Tax Act (Canada) and as the funds will be expended in Quebec, they will qualify for additional deductions under the Taxation Act (Quebec).

Pursuant to the Offering, the Company will issue 2,272,700 flow-through common shares (each, a "Flow-Through Share") at a price of $0.11 per Flow-Through Share for gross proceeds of $249,997. The Flow-Through Shares issued in the Offering will be subject to a four-month resale hold period in Canada from the closing date of the Offering.

As consideration for arranging the Placement Laurentian Bank Securities Inc. is entitled to a cash commission of 7% of the funds raised and compensation warrants equivalent to 7% of the securities issued. Each compensation warrant entitles the holder to purchase, for a period of 24 months from closing, one common share of LaSalle at $0.15 per share. 

 

Tags: Quebec / Investment / Gold / All Articles