Vancouver, British Columbia--(Newsfile Corp. - August 18, 2021) - LaSalle Exploration Corp. (TSXV: LSX) ("LaSalle" or the "Company") is pleased to announce the closing of the final tranche of the private placement of Units announced July 13, 2021 (the "Offering") through the issuance of a further 2,343,740 Units at $0.16 for $375,000, bringing the total placement to 19,443,750 Units for total proceeds of $1,671,000. Each Unit is comprised of one common share and one-half common share purchase warrant, with each whole warrant being exercisable into one common share for 24 months from issuance at $0.24 per share. The shares and warrants issued in the final tranche of the Offering will be subject to a four-month resale hold ending December 18th, 2021. The placement is oversubscribed by 443,750 Units for which the Company received an additional $71,000.
The net proceeds of the financing will primarily be used to accelerate the exploration program at the Egan Gold Property, follow-up the discovery of high-grade gold on the Egan Gold property, extending the ongoing exploration program at Radisson and for general working capital purposes.
Ian Campbell, President and CEO, commented, "We wish to acknowledge the Quebec Institutional Funds with the continuing support of SIDEX and also welcome Mining Investment Fund Societe de developpement de la Baie James SDBJ to our shareholder base."
At Radisson, the Company is midway through its planned 3,000 metre drill program, and, has been actively exploring and expanding previously defined, high priority prospects including Goldhawk, Goldfang, MM5 and Wisht mineralized zones (see Press Release dated July 26, 2021). At Egan, the Company is directing a minimum of $500,000 to develop drill targets for initial drill testing in Q1, 2022 (see Press Release dated May 17, 2021).
A management fee of $6,000 was payable to SDBJ and $8,000 to SIDEX in connection with their participation in this tranche.
A director of the Company acquired an aggregate of 31,250 Units, which is considered a related party transaction within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and 5.7(1)(b), respectively, of MI 61-101 in respect of such insider participation.
About SIDEX:
SIDEX is an initiative of the Québec government and the Fonds de solidarité des travailleurs du Québec (F.T.Q.) whose mission is to invest in companies engaged in mineral exploration in Québec in order to diversify the province's mineral base, promote innovation and new entrepreneurs.
Qualified Person
The technical information in this news release was reviewed and approved by Ronald Stewart, P.Geo., Vice-President, Corporate Development of LaSalle Exploration Corp., who is a non-independent qualified person for the technical disclosure as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").
On behalf of the Board of Directors
LASALLE EXPLORATION CORP.
"Ian Campbell"
President and Chief Executive Officer
About LaSalle Exploration Corp.:
LaSalle is an exploration company focused on less explored districts of the Abitibi, recognized for mining investment based on mineral potential, policy and success, and the developing Eeyou Itschee-James Bay region in Québec. LaSalle is actively exploring Radisson as well as the Blakelock and Egan high-grade gold properties located in northeastern Ontario. LaSalle trades on the TSX Venture Exchange ("TSX-V") under the symbol "LSX". Additional information about LaSalle can be found on SEDAR at and on the Company's website at . For more information about LaSalle, please contact Ron Stewart or Ian Campbell at (604) 647-3966.
Cautionary Note Regarding Forward-Looking Statements and Information
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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