Lara To Raise $1,275,000 By Way Of Private Placement
Lara Exploration Ltd. (“Lara” or the “Company”) is pleased to announce that it is arranging a non-brokered private placement financing of $1,275,0000 through the issuance of 1,500,000 units at $0.85 per unit (the “Unit”) to Global NR Holding NA, a Luxembourg based holding company which is controlled by the Lundin Family. Each unit shall consist of one common share (a “Share”) and one non-transferable, common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to acquire an additional Share at a price of $1.20 per share for a period of two years from the closing of the private placement. If, at any time after the four month restricted resale period for the Units (and any Shares issuable on the exercise of the Warrants), the closing price of Lara’s common shares is above $1.70 for 20 or more consecutive days, the Company has the right, on notice to the warrant holders, to accelerate the expiry date of the warrants to 20 business days following the date of such notice.
A finder’s fee of 6.5 percent in Units will be paid on the financing.
There can be no assurance that the private placement will be completed as proposed or at all and it is subject to all applicable regulatory approvals. The proceeds of the offering will be used by Lara to advance its projects in Brazil and Peru and for general working capital and corporate purposes.
Lara is a well-funded junior exploration company with fourteen (copper, gold, nickel and tin) projects in Brazil and the Lara oxide copper deposit in Peru. Lara’s common shares trade on the TSX Venture Exchange under the symbol “LRA”.
For further information on Lara Exploration Ltd. please consult our website www.laraexploration.com or contact: Miles Thompson, President or Kim Casswell, Corporate Secretary at (604) 669-8777.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.