VANCOUVER, British Columbia, Dec. 06, 2017 (GLOBE NEWSWIRE) — Lions Gate Metals Inc. (“Lions Gate” or the “Company”) (CSE:LGM) is pleased to announce that it has closed its non-brokered private placement consisting of 3,887,500 common shares for gross proceeds of $1,555,000.
In connection with the private placement, the Company issued to certain arm’s length finders such number of finder’s shares and finder’s warrants each equal to 8% of the total number of shares issued to subscribers introduced to the Company by the applicable finder. Each of the finder’s warrants are exercisable into one common share of the Company at a price of $0.40 per share for a period of 24 months from the date of issuance.
In addition to the four-month and a day transfer restriction under applicable securities laws, the securities issued in the private placement are subject to a contractual resale restriction whereby the common shares are restricted from being transferred for a period of six months from the date of issuance.
The Company intends to use the proceeds of the private placement for general working capital purposes.
On Behalf of the Board,