Lahontan Gold Corp. (TSXV: LG | OTCQB: LGCXF | FSE: Y2F) has closed the first tranche of its non‑brokered private placement, raising C$10.38M through the issuance of 25,310,244 units priced at C$0.41 per unit. Each unit consists of one common share and one‑half warrant, with each whole warrant exercisable at C$0.60 for two years.
The warrants include an acceleration clause: if Lahontan’s shares trade at or above C$1.00 for ten consecutive trading days following the four‑month hold period, the company may shorten the warrant expiry to 30 business days by issuing a press release.
Funds from the placement will support exploration at Lahontan’s Santa Fe Mine and West Santa Fe projects in Nevada, as well as general working capital requirements.
All securities issued carry a four‑month statutory hold period. Securities issued outside Canada and the United States under OSC Rule 72‑503 will not be subject to Canadian resale restrictions.
The financing includes participation from an insider, who acquired 60,000 units. As a result, the transaction falls under related‑party rules within TSXV Policy 5.9 and MI 61‑101; however, Lahontan is relying on exemptions from valuation and minority approval requirements as the insider’s participation represents less than 25% of the company’s market capitalisation.
Lahontan did not file a material change report 21 days prior to closing, citing the need to complete the financing expeditiously.
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