Lake Victoria Gold Announces Closing of Non-Brokered Concurrent Private Placement of $2 Million

Core Viewpoint - Lake Victoria Gold Ltd. has successfully closed a non-brokered concurrent private placement, raising $2 million through the issuance of 11,428,571 common shares at a price of $0.175 per share [1][2]. Group 1: Private Placement Details - The concurrent private placement was conducted alongside the LIFE Private Placement announced earlier, with gross proceeds amounting to $2 million [1]. - Insiders of the company purchased a total of 3,823,800 shares for $669,165, which is considered a related party transaction but is exempt from formal valuation and minority shareholder approval requirements [2]. - The proceeds from the concurrent private placement will be used for general working capital purposes [3]. Group 2: Company Overview - Lake Victoria Gold is focused on gold exploration and development, primarily in the Lake Victoria Goldfield in Tanzania [5]. - The company holds a 100% interest in the Tembo project and the Imwelo project, both of which are fully permitted for mine construction and production [6]. - The management team has significant experience in developing and operating mining projects in Africa, with over 60% of shares owned by management, directors, and partners [7]. Group 3: Strategic Partnerships - The company has formed a strategic partnership with Taifa Group, which will provide an equity stake and conduct contract mining and civil works for the Imwelo project [8]. - Taifa Mining, a subsidiary of Taifa Group, is the largest mining contractor in Tanzania and has extensive experience in the mining sector [8].