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LeadFX closes first tranche of financing

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hitpaydirt   Wednesday, 12/20/17 12:28:57 PM
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LeadFX closes first tranche of financing

2017-12-19 16:43 ET - News Release


Mr. Andrew Worland reports

LEADFX CLOSES TRANCHE 1 OF PRIVATE PLACEMENT

Further to the company's news release dated Dec. 14, 2017, LeadFX Inc. has closed the first of two tranches of its non-brokered private placing for the issue of up to 2,374,301 units, each unit comprising one common share of the company and one common share purchase warrant for each one common share issued.

Sentient Global Resources Fund IV LP has purchased 576,777 units and InCoR Energy Metals Ltd. has purchased 610,373 units in this first tranche.

The units are being issued at 49 cents per unit for gross proceeds of $1,163,407. Each warrant entitles the holder thereof to purchase one additional common share at a price of 61 cents any time within 60 months of completion of the offering.

The common shares sold are subject to a four-month hold period, which, under applicable Canadian securities laws, expires on April 20, 2018.

The second tranche of the offering is due to be completed on or before Jan. 12, 2018.

Proceeds from the offering will be used for general corporate and working capital purposes.

At the completion of this tranche of the offering, Sentient and InCoR will own 81.4 per cent and 5.2 per cent, respectively, of the issued and outstanding common shares of LeadFX.

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