Lithoquest Resources Inc. (CVE:LDI) has announced that it will conduct a non-brokered private placement, subject to the approval of the TSX Venture Exchange, for aggregate gross proceeds of up to $200,000.
The company said the offering will consist of units at a price of $0.08 per unit. Each unit will consist of one common share of the company and one full warrant entitling the holder to acquire an additional common share of the company at an exercise price of $0.12 each for a period of 24 months from the date of issuance.
The offering is not subject to a minimum amount and the maximum offering is 2,500,000 units for gross proceeds of $200,000. Lithoquest said the gross proceeds of the offering will be used for general working capital purposes.
READ: Lithoquest Resources stakes Attwood project in Ontario, which is prospective for gold and base metals
If the offering is over-subscribed, Lithoquest said subscriptions will be accepted at the discretion of the company and subject to the approval of the exchange; therefore, it is possible that a subscriber's subscription may not be accepted by the company even though it is received within the offering period unless the company determines to increase the size of the offering.
The group said the offering may be closed in one or more tranches as subscriptions are received. The minimum subscription amount is 20,000 units for $1,600.
All securities issued under the offering will be subject to statutory hold periods in accordance with applicable United States and Canadian securities laws.
Contact the author at email@example.com