VANCOUVER, BRITISH COLUMBIA--(Marketwire - Mar 20, 2013) - Laurentian Goldfields Ltd. (TSX VENTURE:LGF) ("Laurentian" or the "Company") announces that it has raised $100,000 through the issuance of 500,000 units (the "Units") at a price of $0.20 per Unit. The subscription was made through a non-brokered private placement under the accredited investor exemption pertaining to the applicable securities regulations.
Each Unit consists of one common share and one common share purchase warrant ("Warrant"). Each Warrant is exercisable to purchase one common share at a price of $0.30 per share for a period of two years after the date of issuance. The Warrants are subject to an accelerated expiry date, which comes into effect when the trading price of the Company''s common shares closes at or above $0.50 per share for twenty consecutive trading days in the period commencing four months after the date of issuance. In such an event the Company will give an expiry acceleration notice ("Notice") to Warrant holders and the expiry date of the Warrants will be 30 days from the date of the Notice. The private placement is subject to certain conditions, including regulatory acceptance, and all securities issued under the private placement are subject to a four-month hold period from the date of issuance. The Company paid an administrative fee of 3% of the gross proceeds of the private placement.
Proceeds from this financing will be used to support ongoing exploration programs and strategic objectives including project evaluations, due diligence towards possible acquisitions and for general working capital.
About Laurentian Goldfields Ltd.
Laurentian is a team of highly skilled professionals focused on the identification, acquisition, and development of high quality exploration projects. A solid technical foundation, partnered with major mining companies through exploration alliances and joint venture agreements, provides significant exploration exposure for shareholders while minimizing shareholder dilution. Laurentian is committed to delivering shareholder growth by utilizing its extensive industry experience to identify and acquire exceptional exploration and development opportunities.
ON BEHALF OF THE BOARD OF DIRECTORS,
Darin Labrenz, P.Geo., President and CEO