Mr. Howard Milne reports
LODGE RESOURCES CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT
Lodge Resources Inc., further to its news releases of April 16, 2020, and May 5, 2020, has closed the first tranche of its non-brokered private placement, consisting of 3,039,411 units at 35 cents per unit for gross proceeds of $1,063,793.85.
Each unit consists of one common share and one common share purchase warrant of the company. Each warrant is exercisable into an additional share for 12 months at 50 cents per share.
In connection with the offering, the company paid a cash finder's fee of $19,110 to eligible finders. Additionally, the company has issued an aggregate of 54,600 common share purchase warrants to the finders. The finders' warrants have the same terms as the warrants issued under the offering but are non-transferable.
All securities issued in connection with the offering are subject to a statutory hold period of four months plus a day in accordance with applicable securities legislation ending on Sept. 7, 2020.
The net proceeds received from the offering will be used for general corporate and working capital purposes.
About Lodge Resources Inc.
The company is a mineral exploration company focused on the acquisition, exploration and development of mineral properties in Canada and the United States.
We seek Safe Harbor.
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