pcJ News Briefs – LeadFX Inc. (TSX: LFX) has complete its second of two tranches of its non-brokered private placement, issuing 2,374,301 units at $0.49 per unit for gross proceeds of $1,163,407.
Sentient Global Resources Fund IV, LP subscribed 576,777 units and InCoR Energy Metals Limited acquired 610,374 units in this second tranche.
Upon completion of this tranche of financing, Sentient and InCoR will own 80.5% and 6.5% respectively of the issued and outstanding common shares of LeadFX.
LeadFX is a TSX listed, Australian based, mining company focused on the development of lead and lead-silver projects located in Australia and North America.
photo credit: LeadFX
THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
LEADFX CLOSES TRANCHE 2 OF PRIVATE PLACEMENT
(All dollar amounts are in Canadian dollars unless otherwise indicated)
PERTH, AUSTRALIA, January 12, 2018 – LeadFX Inc. (the “Company” or “LeadFX”) (TSX: LFX) today announces that further to the Company’s news releases dated December 14, 2017 and December 19, 2017, the Company has closed the second of two tranches of its non-brokered private placing for the issue of up to 2,374,301 units, each unit being comprised of one (1) common share of the Company (“Common Share”) and one (1) Common Share purchase warrant for each one (1) Common Share issued (hereinafter, a “Unit”).
Sentient Global Resources Fund IV, LP (“Sentient”) has purchased 576,777 Units and InCoR Energy Metals Limited (“InCoR”) has purchased 610,374 Units in this second tranche.
The Units are being issued at $0.49 per Unit for gross proceeds of $1,163,407 (the “Offering”). Each warrant entitles the holder thereof to purchase one (1) additional Common Share at a price of $0.61 any time within 60 months of completion of the applicable tranche of the Offering.
The Common Shares sold are subject to a four month hold period which under applicable Canadian securities laws.
Proceeds from the Offering will be used for general corporate and working capital purposes.
At the completion of this tranche of the Offering, Sentient and InCoR will own 80.5% and 6.5% respectively of the issued and outstanding Common Shares of LeadFX.
About LeadFX Inc.
LeadFX is a Toronto Stock Exchange listed, Australian based, mining company focused on the development of lead and lead-silver projects located in Australia and North America. The Company’s primary undertaking is the Paroo Station lead mine, located 30km west of the town of Wiluna in Western Australia.
The Paroo Station lead mine has been on care and maintenance since January 2015. A dedicated staff of plant operators and technicians have undertaken consistent structural and integrity checks of plant and equipment, run mills at regular intervals and maintained the flotation tanks ensuring the plant can be re-started and brought back to pre-closure production levels within months. The Company is currently completing a definitive feasibility study assessing the technical and financial merits of building a hydrometallurgical plant on site to produce approximately 70,000tpa of lead metal.
The Company also owns an 83.5% interest in the Burin mines and surrounding land claims in the Tintic mining district 60 miles south-east of Salt Lake City, Utah.