Tickers: XTSX:LLC
Tags: Mining
Vancouver, B.C. / TheNewswire / November 15, 2017 - Lorraine Copper Corp. ("Lorraine" or the "Company") announces that it has closed the private placement announced September 22, 2017 as amended October 10, 2017.
Closing consisted of the issuance of 5,740,834 units at a price of $0.09 per unit, for total consideration of $516,675 with each unit consisting of one common share and one share purchase warrant (the "Warrant"), with each whole Warrant entitling the holder to purchase one additional common share at a price of $0.15 until November 8, 2019. An acceleration clause is attached to the Warrant which states if the closing price for the common shares of the company as traded on the TSX Venture Exchange is equal to or greater than $0.35 per common share for 10 consecutive trading days occurring any time after March 9, 2018 then the purchaser shall have until 4 p.m. Vancouver, B.C., time of the 30th calendar day after the company's news release announcing the achievement of the accelerated expiry date to exercise the Warrant.
The Company paid cash finders' fee totalling $29,678 and 336,758 Warrants in connection with this private placement (to Leede Jones Gable, PI Financial Corp. and Haywood Securities Inc.).
All of the securities issued pursuant to this private placement, including any shares issued pursuant to the exercise of the Warrants forming part of the units, are subject to a hold period which expires on March 9, 2018.
Stock Options
The Company has approved the granting of stock options to directors, officers, and consultants for the purchase of 425,000 common shares of the Company. These options allow the holder to purchase one common share of the company for $0.09 per share for a 10 year period pursuant to the Company's Stock Option Plan.
About Lorraine Copper
Lorraine Copper holds is a Canadian mineral exploration company that is acquiring and advancing copper, gold and molybdenum projects at intermediate to advanced stages that hold significant resources. Lorraine Copper currently owns three properties all of which have defined resources: Lorraine, OK and Lustdust. For more information please visit the Company's website at www.lorrainecopper.com.
On behalf of the board of directors of the Company;
David Douglas, CPA, CA
CFO, Director
Lorraine Copper Corp.
FOR FURTHER INFORMATION REGARDING LORRAINE COPPER PLEASE CONTACT:
(604) 681-7913 or
(888) 656-6611 (Toll Free)
The TSX - Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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