(TheNewswire)
Vancouver, B.C. /
TheNewswire / October 10, 2017: Lorraine Copper Corp...
(LLC:TSX-V) announces that it has
increased its private placement to raise gross proceeds of up to CDN
$540,000 (the "Offering"). The private placement will consist of
up to 6,000,000 units at a price of $0.09 per unit (the "Units"),
with each Unit consisting of one common share and one share purchase
warrant (a "Warrant"). Each Warrant will entitle the holder to
purchase one additional common share of the Company at a price of
$0.15 for a period of two years following closing of the Offering
subject to the following acceleration provision: 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 the expiry of the
four-month hold period, 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 share
purchase warrants. The share purchase warrants shall expire on the
earlier of the last day of the two-year exercise term or the
accelerated expiry date. The company shall issue no other notice other
than such news release.
All the securities issued pursuant to this private placement will be
subject to a four month hold period. Completion of the Offering is
subject to receipt of all required regulatory and other approvals,
including acceptance by the TSX Venture Exchange. The Offering is not
subject to any minimum aggregate subscription. The proceeds of this
offering shall be applied to mineral property acquisitions and
administration costs.
The Company may pay a finders' fee in respect of certain subscribers
in accordance with the policies of the TSX-V. The proceeds of the
offering shall be applied to working capital requirements.
On behalf of the board of directors of the Company;
Glen Garratt, P.Geo
VP, Director
Lorraine Copper Corp.
About Lorraine Copper
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.
FOR FURTHER INFORMATION REGARDING LORRAINE COPPER PLEASE CONTACT:
(604) 681-7913 or
Toll Free: (888) 656-6611
The TSX - Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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