Lara Successfully Completes $2.0 Million Private Placement
Vancouver, British Columbia, March 26, 2019 (TSX Venture: LRA) – Lara Exploration Ltd., (“Lara” or the “Company”) is pleased to report that it has completed a non-brokered private placement financing raising $2,000,000 by the issuance of 4,000,000 units at $0.50 per unit. Each unit consisted of one common share and one half of a non-transferable common share purchase warrant. Each full warrant entitles the holder to purchase an additional common share at $0.70 until March 26, 2021. If, after July 26, 2019, the closing price of the Company’s shares on the TSX Venture Exchange is $1.00 or greater for 10 consecutive trading days, the Company may, by news release issued within five trading days thereof, accelerate the expiry of the warrants to the 21st calendar day (not the 21st trading day, as previously announced) after such news release.
The Company paid finders’ fees of 5% to Raymond James Ltd. ($2,500) and Sprott Global Resource Investments, Ltd. ($25,000) in respect of subscriptions from investors introduced by them as finders. Insiders of the Company purchased 900,000 units and a Pro Group member purchased a further 30,000 units.
The shares, and any shares issued on the exercise of the warrants, are subject to a restricted resale period under Canadian securities law until July 27, 2019.
The proceeds of the offering will be used by Lara to further its mineral property acquisition and exploration activities and for general corporate purposes.
Lara is an exploration company following the Prospect Generator business model, which aims to minimize shareholder dilution and financial risk by generating prospects and then exploring them in joint ventures funded by partners. The Company currently holds a diverse portfolio of prospects and deposits in Brazil, Peru, Colombia and Chile. 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 Chris MacIntyre, VP Corporate Development, at +1 416 703 0010.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.