Lions Gate Metals Closes First Tranche of Non-Brokered Private Placement
February 14 2012 - 5:24PM
Marketwired Canada
Lions Gate Metals Inc. (TSX VENTURE:LGM) ("Lions Gate" or the "Company") is
pleased to announce that it has closed the first tranche of a non-brokered
private placement previously announced on January 31, 2012. The Company has
raised gross proceeds of $460,000 in this first tranche closing through the sale
of a total of 1,000,000 flow-through units at a price of $0.46 per flow-through
unit.
Each flow-through unit consists of one flow-through common share which qualifies
as a "flow-through share" for tax purposes of the Income Tax Act (Canada) and
one half of one common share purchase warrant, with each whole warrant
exercisable into a non-flow through common share for a period of 18 months at an
exercise price $0.80.
As part of this private placement, the Company is also offering up to 1,000,000
non flow-through units at a price of $0.40 per non flow-through unit. Each
non-flow-through unit will consist of one common share and one half of one
common share purchase warrant, with each whole warrant exercisable into a
non-flow through common share for a period of 18 months at an exercise price
$0.80. To date, no non flow-through units have been placed in this private
placement.
The securities issued in connection with this private placement will be subject
to a four-month hold period in accordance with applicable Canadian Securities
Laws.
The Company intends to utilize proceeds from the private placement to fund
exploration work commitments on the Company's properties located in British
Columbia and for general working capital requirements.
Lions Gate at PDAC
Lions Gate management and geologists invite PDAC 2012 delegates to visit them at
the Metro Toronto Convention Centre from March 4-7, 2012. Lions Gate will be
exhibiting in The Core Shack at Exhibit #5018, on Sunday March 4th, 2012 and
Monday March 5th, and in their Investors Exchange Exhibitor Booth #2524 (Halls
F&G) for the four-day duration of the show. The Core Shack is a PDAC feature
destination where "The latest discoveries are highlighted, along with maps,
charts and technical information".
About Lions Gate Metals
Lions Gate Metals is a Canadian based, junior resource company focused on the
exploration, development, and acquisition of copper and copper-focused
multi-mineral projects. The Company boasts one of the largest consolidated
property portfolios of any Canadian junior resource company, including the
77,705 hectare Poplar copper gold-silver asset at the Poplar Project located
35km northeast of the Imperial Metals Huckleberry mine (proven/probable 39.7
million tonnes grading 0.343% copper: aggregate production to Dec 31, 2010
approximately 870.0 million pounds copper, 8.0 million pounds molybdenum,
105,000 ounces gold and 3.4 million ounces silver) in west-central British
Columbia, and the 6,900 hectare ROK-Coyote copper-gold porphyry property
contiguous with Imperial Metal's Red Chris copper-gold project in northwestern
British Columbia. Poplar and ROK-Coyote are the primary focus of the 2012
Exploration Program.
Forward Looking Information
This release contains forward-looking information within the meaning of
applicable Canadian securities legislation, including statements regarding
expected size of the Offering, the anticipated closing date and the intended use
of proceeds. Forward-looking information involves known and unknown risks,
uncertainties and other factors that may cause actual results or events to
differ materially from those expressed or implied by such forward-looking
information, including uncertainties with respect to regulatory approvals and
current market conditions for the sale of securities. In addition, the
forward-looking information contained in this release is based upon what
management believes to be reasonable assumptions. Readers are cautioned not to
place undue reliance on forward-looking information as it is inherently
uncertain and no assurance can be given that the expectations reflected in such
information will prove to be correct. The forward-looking information in this
release is made as of the date hereof and, except as required under applicable
securities legislation, Lions Gate assumes no obligation to update or revise
such information to reflect new events or circumstances.
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