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Lake Victoria Gold Announces Closing of Oversubscribed Non-Brokered LIFE Private Placement of Units for $6 Million and Upsize of Concurrent Private Placement to $2 Million
aTyr PharmaaTyr Pharma(US:LIFE) Newsfileยท2025-09-17 10:00

Core Viewpoint - Lake Victoria Gold Ltd. has successfully closed an oversubscribed non-brokered private placement, raising $6 million through the issuance of 34,285,715 units at a price of $0.175 per unit, with plans to use the proceeds for exploration and development of its gold projects [2][8]. Group 1: Private Placement Details - The LIFE Private Placement consists of units that include one common share and one-half of a common share purchase warrant, with each warrant exercisable at $0.27 for three years [3]. - The company has also upsized its concurrent private placement to $2 million, allowing for the issuance of up to 11,428,571 shares at the same price of $0.175 per share [6][7]. - The total gross proceeds from both private placements are intended for exploration and upkeep of the Tembo and Imwelo Gold Projects, as well as general working capital [8]. Group 2: Management Commentary - The President & CEO of Lake Victoria Gold emphasized that the financing reflects strong support for the company's strategy and assets, positioning it to advance projects and create value [4]. - The company is preparing to mobilize work crews and contractors to ensure quick project advancement following the capital raise [4]. Group 3: Finder's Fees and Warrants - In connection with the LIFE Private Placement, the company paid a total of $215,340.13 in cash finder's fees and issued 1,218,515 finder's warrants to various finders [5]. - Each finder's warrant is exercisable at $0.175 per share for three years, subject to TSXV approval [5]. Group 4: Insider Participation - It is anticipated that insiders will participate in the Concurrent Private Placement, which may be considered a related party transaction but will be exempt from certain formal requirements [9].