Mr. Emily Davis reports
LIONS GATE METALS INC. ANNOUNCES THE CLOSING OF A NON-BROKERED PRIVATE PLACEMENT AND GRANT OF STOCK OPTIONS
Lions Gate Metals Inc. has closed its non-brokered private placement consisting of 1,624,500 common shares for gross proceeds of $657,000.
In addition to the four-month-and-a-day transfer restriction under applicable securities laws, the securities issued in the private placement are subject to a contractual resale restriction whereby the common shares are restricted from being transferred for a period of six months from the date of issuance.
The company intends to use the proceeds of the private placement for general working capital purposes.
In connection with the private placement, the company issued to certain arm's-length finders such number of finders' shares and finders' warrants, each equal to 8 per cent of the total number of shares issued to subscribers introduced to the company by the applicable finder. Each of the finders' warrants are exercisable into one common share of the company at a price of 40 cents per share for a period of 24 months from the date of issuance.
The company is pleased to announce a total of 2.64 million stock options have been granted to the directors and officers of the company and certain consultants pursuant to the company's stock option plan. The options are exercisable for a period of five years at a price of 43 cents per share. Twenty five per cent of the options will vest every three months after the grant date.
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