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Re: Corporate News - Monday, October 25, 2010
Logan Resources Announces Private Placement of up to $1,000,000
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Not for distribution to news wire services in the United States.
Vancouver, BC, October 25, 2010 - Logan Resources Ltd. (TSXV:LGR) ("The Company") today announced a non-brokered private placement consisting of up to 6,666,667 non-flow through units (the "Non FT Units") at a price of $0.06 per non-flow through unit, and up to 8,000,000 flow through units (the "FT Units") at a price of $0.075 per flow through unit for total gross proceeds of up to $1,000,000 (the "Offering").
Each Non FT Unit shall consist of one non-flow through common share and one non-flow through share purchase warrant, with each such warrant exercisable into one common share of the Company for one year from closing date at a price of $0.12.
Each FT Unit shall consist of one flow through common share and one non-flow through share purchase warrant, with each such warrant exercisable into one common share of the Company for one year from closing date at a price of $0.15.
A 5% finder's fees will be attached to the financing in the form of stock. The Offering is subject to TSX Venture Exchange acceptance. All securities issued pursuant to the Offering will be subject to a four month hold period from the closing date.
The proceeds from the flow-through portion of the financing will be used on the Company's properties in the Yukon and British Columbia. Proceeds from the non-flow through portion of the financing will be used for working capital and general exploration.
Logan Resources Ltd. is a mineral exploration company that specializes in acquiring, exploring and advancing Canadian mineral properties. The Company has a diversified portfolio of precious metal, base metal, iron and uranium projects. For more information on the property portfolio and the Company, please visit www.loganresources.ca, www.sedar.com and www.sec.gov websites.
ON BEHALF OF THE BOARD
"Seamus Young"
Seamus Young
President and CEO
For Further Information Please Contact:
Seamus Young, President & CEO
syoung@loganresources.ca
T: 604-689-0299 x 223
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) 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 sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (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 unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from registration is available.
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Copyright (c) 2010 LOGAN RESOURCES LTD. (LGR) All rights reserved.
For more information visit our website at http://www.loganresources.ca/
or send mailto:info@loganresources.ca
Message sent on Mon Oct 25, 2010 at 4:41:46 PM Pacific Time
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Logan Resources Ltd
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CODE : LGR.V |
ISIN : CA5410953031 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Logan Resources is a silver and gold exploration company based in Canada. Logan Resources holds various exploration projects in Canada. Its main exploration properties are CHEYENNE, CASSIAR PLATEAU and HEIDI in Canada. Logan Resources is listed in Canada and in United States of America. Its market capitalisation is CA$ 2.6 millions as of today (US$ 2.0 millions, € 1.6 millions). Its stock quote reached its highest recent level on September 22, 2000 at CA$ 9.60, and its lowest recent point on February 19, 2016 at CA$ 0.03. Logan Resources has 42 740 000 shares outstanding. |