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Re: News - Thursday, December 20, 2007
Logan Resources Completes Second Tranche of Financing
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NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES
Vancouver -- December 20, 2007 - Logan Resources Ltd. (the "Company")
(TSXV:LGR) is pleased to announce completion of the second and final
tranche of a private placement consisting of 1,250,000 flow-through
units ("FT Units") at a price of $0.40 per FT Unit and 100,000
non-flow-through units ("NFT Units") at a price of $0.35 per NFT Unit
for aggregate gross proceeds of $535,000.
Each FT Unit consists of one flow-through common share in the capital
of the Company and one-half of one share purchase warrant (a "FT
Warrant"). Each whole FT Warrant entitles the holder to purchase one
non-flow-through common share at $0.50 per share for 18 months. Each
NFT Unit consists of one non-flow through common share in the capital
of the Company and one share purchase warrant (a "NFT Warrant"). Each
NFT Warrant entitles the holder to purchase one non-flow-through common
share at $0.45 per share for 18 months.
The Company paid finder's fees in connection with the financing
consisting of $22,120 in cash, 49,000 common shares and issued 24,500
warrants which entitle the holder to purchase one non-flow-through
common share at $0.50 per share for 18 months. The proceeds from the
sale of the FT Units will be used to incur qualifying expenses on the
Company's Canadian mineral properties.
Logan Resources Ltd. is a mineral exploration company that specializes
in acquiring, exploring and advancing Canadian mineral properties. For
more information on the property portfolio and the Company, please
visit www.loganresources.ca, www.sedar.com and www.sec.gov websites.
For Further Information Please Contact:
Seamus Young, President & CEO
syoung@loganresources.ca
T: 604-689-0299 x 223
Statements contained in this news release that are not historical facts
are forward-looking statements, which are subject to a number of known
and unknown risks, uncertainness and other factors that may cause the
actual results to differ materially from those anticipated in our
forward looking statements. Although we believe that the expectations
in our forward looking statements are reasonable, actual results may
vary, and we cannot guarantee future results, levels of activity,
performance or achievements.
The TSX Venture Exchange has neither approved nor disapproved the
information contained herein.
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Copyright (c) 2007 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 Thu Dec 20, 2007 at 1:34:57 PM Pacific Time
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