Victoria Lake Inc. (LVCA)

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Lake Victoria Mining Company, Inc. Announces Brokered Private Placement
Thursday, 23 Dec 2010 02:00am EST
Lake Victoria Mining Company, Inc. announced that it has entered into an engagement letter with IBK Capital Corp. a Canadian agent, whereby the Agent intends to use its best efforts to raise up to $3,920,000 in a brokered private placement of up to 14,000,000 units of the Company at a price of $0.28 per Unit. Each Unit consists of one share of common stock of the Company and one half of one share purchase warrant, with each whole warrant entitling the holder to purchase an additional share at an exercise price of $0.45 for thirty months following the closing of the offering. Each Warrant is callable at the Company's option 30 days from the date the Company's stock trades above $0.75 for twenty consecutive trading days. The Company also proposes to offer the Units to certain subscribers resident in the US pursuant to a non-brokered offering to close concurrently with the Brokered Offering in such amounts as the Agent and the Corporation may agree. The Agent will not receive any consideration for Units placed by the Company with US subscribers under the Non-Brokered US Offering. - - - - - (repeated)