La Quinta Closes First Tranche of a Non-Brokered Private Placement
24 3월 2011 - 4:30AM
Marketwired
La Quinta Resources Corporation (TSX VENTURE: LAQ)(FRANKFURT: LQK)
("La Quinta" or "The Company") is pleased to announce the closing
of a first tranche of a non-brokered private placement previously
announced on March 21, 2011. A total of 3,187,500 Units were placed
in the first tranche, for a total proceed of $255,000. The
placement is to raised gross proceeds of up to $1.5 million and
consists of one share at the unit price of $0.08 and one-half (1/2)
warrant; each warrant exercisable at a price of $0.15 any time up
to one (1) year period following the closing of the Private
Placement (the "Closing") and at price of $0.20 for a subsequent
one (1) year. The company will use the funds for its ongoing
program on its Nevada Properties, and for general working capital.
Funds raised through this first tranche of the placement will be
used for the Easter project, to complete the trenching program at
the West Vein area. The funds will also be used to secure the
services of the driller contracted by LAQ on March 20, for the 2011
drilling campaign at Easter project. Leach Drilling of Silver
Springs, Nevada, will complete a maximum of 23 drill holes ranging
from 250ft - 900ft deep (77m - 277m) using both reverse circulation
percussion and diamond drill core methods. Drilling at the Easter
Project commences late spring 2011.
PowerOne Capital Ltd and Raymond James Ltd will each received
Eight percent (8%) finder's fees for a total of $20,400 and four
(4%) percent finder's fee warrants for a total of 127,500 finder's
warrants, exercisable at a price of $0.15 any time up to one (1)
year period following the closing of the Private Placement (the
"Closing") and at price of $0.20 for a subsequent one (1) year.
The Company has received final approval for the private
placement's first tranche. Furthermore, in accordance with the TSX,
the securities issued pursuant to the offering are subject to a
four (4) month applicable hold period ending July 22, 2011.
This press release is not intended for U. S. distribution and
does not constitute an offer to sell or solicitation of an offer to
sell any of the securities in the United States. The securities
have not been and will not be registered under the United States
Securities Act 1933, as amended (the "U.S. Securities Act") or any
state securities laws and may not be offered or sold within the
United States or to a U.S. Entity unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
About La Quinta Resources Corporation
La Quinta is a junior precious metals exploration company
actively seeking mineral opportunities for the benefit of our
stakeholders. Currently the Company is focused on exploring for
gold and silver on its Easter Project and Black Jack properties in
Nevada. The Easter Project is underlain by an epithermal
quartz-adularia vein stockwork system hosted within Tertiary
volcanic rocks of the Caliente Caldron Complex of southeastern
Nevada. Numerous drill programs were conducted over the past 27
years by several operators. The resultant 121 holes and five adits
were used to outline a 43-101 compliant resource of 2.6 million
tons at 1.3 g/t gold (0.038 oz/t) and 14 g/t silver (0.4 oz/t)
within an area of gold mineralization with a strike length of at
least 6,450 feet (1,966 m) and drill-defined widths up to 90 feet
(27.4 m). Significant prior intercepts include up to 0.194 oz. Au /
ton over 90 feet (6.6 g/t over 27.4m true thickness) (including
0.549 oz. Au / ton over 15 feet (18.8 g/t over 4.5m)) and 0.084 oz.
/ ton over 110 feet (including 0.534 oz. Au / ton over 5 feet)
(2.88 g/t over 33.5 m w/internal 18.3 g/t in 1.52 m). The Black
Jack property, an early-stage exploration target in NE Nevada,
consists of old mine workings that contain silver- gold-base metals
veins hosted in Ordovician limestones that overlie nearby Cambrian
shale. No resource has been identified on this property.
On behalf of the board
Glen Watson, CEO and Director
This document includes forward- looking statements. When used in
this document, the words "potential", "plan", "could", "estimate",
"expect", "intend", "may", "should", and similar expressions are
intended to be among the statements that identify forward-looking
statements. Although La Quinta believes that their expectations
reflected in these forward-looking statements are reasonable, such
statements involve risks and uncertainties and no assurance can be
given that actual results will be consistent with these
forward-looking statements.
SEC 12G file#82-35061
"Neither 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."
Contacts: La Quinta Resources Corp. Glen Watson CEO and Director
1(604) 803-5229 / 1(604) 684-4653 info@laquintaresources.com
www.laquintaresources.com
La Quinta Resources Corporation (TSXV:LAQ)
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