/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
FOR DISSEMINATION IN THE UNITED
STATES/
TORONTO, Feb. 8, 2023
/CNW/ - Lahontan Gold Corp. (TSXV: LG) (OTCQB:
LGCXF) (the "Company" or "Lahontan") is pleased
to announce that it has entered into an agreement with Beacon
Securities Limited ("Beacon" or the "Agent"), as sole
agent in connection with a best efforts private placement of up to
13,640,000 units (the "Units") of the Company at a price of
$0.11 per Unit (the "Issue
Price") for aggregate gross proceeds to the Company of up to
$1,500,400 (the
"Offering"). Each Unit shall consist of one common share in
the capital of the Company (a "Unit Share") and one-half of
one common share purchase warrant (each whole warrant, a
"Warrant"). Each Warrant will be exercisable to acquire one
common share (a "Warrant Share") for a period of 36 months
following the closing of the Offering at a price of $0.18 per Warrant Share.
The securities to be issued under the Offering will be offered
by way of private placement in each of the Provinces of
Canada and such other
jurisdictions as may be determined by the Company, in each case,
pursuant to applicable exemptions from the prospectus requirements
under applicable securities laws.
The Company intends to use the net proceeds from the Offering
for working capital and general corporate purposes.
The Company has granted Beacon an option, exercisable in whole
or in part at any time up to 48 hours prior to the closing of the
Offering, to sell up to an additional 9,090,000 Units (the
"Additional Units") at a price per Additional Unit equal to
the Issue Price.
The Offering is expected to close on or about February 28, 2023 (the "Closing
Date"), and is subject to certain conditions including,
but not limited to, the receipt of all necessary approvals,
including the approval of the TSX Venture Exchange.
The securities issued in connection with this Offering will be
subject to a four-month hold period from the date of closing of the
Offering in addition to any other restrictions under applicable
law.
The Offering will be conducted pursuant to the terms of an
agency agreement to be entered into between the Company and the
Agent on or prior to the Closing Date. In connection with the
Offering, subject to TSX Venture Exchange approval, the Agent will
receive: (i) a 7.0% cash fee; and (ii) that number of compensation
options equal to 7.0% of the aggregate number of Units sold under
the Offering, each exercisable to acquire one common share at the
Issue Price for 36 months following the Closing Date.
The securities offered have not been registered under the
U.S. Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent
registration or an applicable exemption from the registration
requirements. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of the securities in any State in which such offer,
solicitation or sale would be unlawful.
About Lahontan Gold
Corp.
Lahontan Gold Corp. is a Canadian mineral exploration company
that holds, through its US subsidiaries, three top-tier gold and
silver exploration properties in the Walker Lane of mining friendly
Nevada. Lahontan's flagship
property, the 19 km2 Santa Fe Mine, is a past producing
gold and silver mine that utilized heap-leach processing (past
production of 345,000 ounces of gold and 711,000 ounces of silver
between 1988 and 1995; Nevada Bureau of Mines and Geology, 1995).
The Santa Fe Mine has an Indicated Mineral Resource of 1,112,000 oz
Au Eq (grading 1.14 g/t Au Eq) and an Inferred Mineral Resource of
544,000 oz Au Eq (grading 1.00 g/t Au Eq), all pit constrained
(please see Lahontan press release dated January 17, 2023). The Company plans to continue
to aggressively explore the entire property during 2023 and begin
the process of evaluating development scenarios to bring the Santa
Fe Mine back into production. Quinten J.
Browne, P.Geo., Consulting Geologist to Lahontan Gold Corp.,
is the Qualified Person for the Company and approved the technical
content of this news release. For more information, please visit
our website: www.lahontangoldcorp.com
Cautionary Note Regarding
Forward-Looking Statement:
Except for statements of historic fact, this news release
contains certain "forward-looking information" within the meaning
of applicable securities law. Forward-looking information is
frequently characterized by words such as "plan", "expect",
"project", "intend", "believe", "anticipate", "estimate" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. Forward-looking statements are based on the
opinions and estimates at the date the statements are made, and are
subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ materially from
those anticipated in the forward-looking statements including, but
not limited to delays or uncertainties with regulatory approvals,
including that of the TSXV. There are uncertainties inherent in
forward-looking information, including factors beyond the Company's
control. There are no assurances that the commercialization plans
for the technology described in this news release will come into
effect on the terms or time frame described herein. The Company
undertakes no obligation to update forward looking information if
circumstances or management's estimates or opinions should change
except as required by law. The reader is cautioned not to place
undue reliance on forward-looking statements. Additional
information identifying risks and uncertainties that could affect
financial results is contained in the Company's filings with
Canadian securities regulators, which filings are available at
www.sedar.com
SOURCE Lahontan Gold Corp.