PP closed -significant sum raised
"("LDS" or the "Company") is pleased to announce that it has closed a non-brokered private placement financing announced on March 5, 2019 (the "Financing") by issuing a total of 19,424,163 units (the "Units") at a price of CAD$0.35 per Unit (the "Issue Price"), for total gross proceeds of CAD$6,798,457. Due to strong investor demand, the Financing was oversubscribed.
Each Unit sold in the Financing consisted of one common share of the Company (each a "Unit Share") and one common share purchase warrant (each a "Warrant") entitling the holder to purchase one additional common share (a "Warrant Share") at a price of CAD$0.50 per Warrant Share for a period ending one year from the date of issuance. The Company may accelerate the expiration date of the Warrants if the daily volume weighted average share price of the Company's common shares on the Canadian Securities Exchange (or such other stock exchange as the Company's common shares are then trading on) is equal to or greater than CAD$1.00 for 10 consecutive trading days.
In connection with the Financing, the Company has agreed to pay cash commissions of CAD$233,076 and to issue 665,931 finder's warrants (the "Finder's Warrant"). Each Finder's Warrant is exercisable for one Unit at CAD$0.50 per share for a period ending one year from the date of issuance.
The securities issued under the Offering will be subject to a hold period expiring on September 10, 2019, pursuant to applicable Canadian securities laws.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, nor shall there be any sale of any of the securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
