Lodge Closes Expanded Private Placement With Gross Proceeds of $1.49 million

Lodge Resources (CSE: LDG) last night quietly announced that the company has completed the final tranche of its ongoing private placement, with the tranche bringing in an additional $430,325 through the sale of 1,229,500 units.

Collectively, the financing brought in $1,494,118.85 in gross proceeds through the sale 4,268,911 units in a financing that was initially to be only $805,000 in size when first announced. Last week, the financing was upize to a maximum of $1.5 million however due to strong demand for involvement within the placement, a near doubling from the initial figure.

Each unit, issued at a price of $0.35, consists of one common share and one common share purchase warrant. Each purchase warrant has a maturity of 12 months and enables the holder to purchase one common share at a price of $0.50. All shares are subject to a mandatory four-month lockup period.

Proceeds from the financing will be utilized for working capital and general corporate purposes.

Lodge Resources last traded at $0.48 on the CSE.

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