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LeadFX arranges $2.5M financing with Sentient, InCoR

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hitpaydirt   Wednesday, 08/30/17 07:39:58 PM
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LeadFX arranges $2.5M financing with Sentient, InCoR

2017-08-29 17:37 ET - News Release


Mr. Rob Scargill reports

LEADFX ANNOUNCES PRIVATE PLACEMENT OFFERING

LeadFX Inc. has entered into a binding term sheet with Sentient Global Resources Fund IV LP and InCoR Energy Materials Ltd. for the issue of up to 3,125,000 common shares of the corporation at 80 cents per common share by way of a non-brokered private placement for gross proceeds of approximately $2.5-million, to close in two separate tranches.

Pursuant to the binding term sheet, Sentient and InCoR have agreed to purchase no fewer than 607,312 and 642,688 common shares, respectively, under the first tranche of the offering and no fewer than 910,969 and 964,031 common shares, respectively, under the second tranche of the offering. Proceeds of the first tranche will be used for general corporate purposes and working capital needs of the company based on an agreed schedule of budgeted expenditure, and proceeds of the second tranche will be determined by InCoR and Sentient pursuant to the budgeted expenditure needs of the company closer to the time of the second tranche closing.

"We are pleased to have the ongoing support of our technology partner InCoR and our major shareholder Sentient, as InCoR works towards completing a definitive feasibility study on their innovative hydrometallurgical process," said Rob Scargill, president and chief executive officer. "If the current study work is successful, we believe that the technology has the potential to transform Paroo Station from a relatively short-life lead concentrate operation to a longer-life, lower-cost lead metal producer."

The first tranche of the offering is expected to close on or about Aug. 31, 2017, with the second tranche of the offering expected to close on or before Oct. 31, 2017. The binding term sheet and the closing of the offering are subject to certain conditions, including the negotiation, execution and delivery of definitive legal documents and the receipt of the approval of the Toronto Stock Exchange. As a further condition of the offering, subject to certain exceptions, LeadFX has agreed not to issue any additional common shares for a period of four months after the closing date of the offering without the prior written consent of Sentient and InCoR.

Following the completion of the offering, Sentient and InCoR will hold approximately 82.3 per cent and 3.9 per cent of the issued and outstanding common shares of LeadFX, respectively.

About LeadFX Inc.

LeadFX is a Canadian-based mining company focused on the development of lead-silver projects located in stable jurisdictions. Its current portfolio includes a restart-ready lead operation in Western Australia and a development project in Utah, United States.

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