Lexam Completes $3 Million Investment in VG Gold
02 9월 2009 - 8:00AM
Marketwired
(All amounts expressed in Canadian dollars)
LEXAM EXPLORATIONS INC. (TSX VENTURE: LEX)(PINK SHEETS: LEXEF)
is pleased to announce that it has completed the second tranche of
its $3,000,000 strategic investment in VG Gold Corp. ("VG Gold")
for an aggregate subscription of 37,500,000 units issued by way of
a private placement. Each unit was priced at C$0.08 and included
one common share and one common share purchase warrant exercisable
at $0.15 per share for a period of eighteen months. Lexam now owns
approximately 27% of VG Gold's outstanding shares and 42% on a
partially diluted basis. Lexam is VG Gold's largest
shareholder.
INVESTMENT DETAILS
The first tranche consisting of 12,594,814 units for gross
proceeds of $1,007,585 closed on July 21, 2009. The second tranche
of the private placement consisting of 24,905,186 units was
approved by VG Gold shareholders on August 31, 2009 and closed
earlier today for gross proceeds of $1,992,415.
Under terms of the arrangement Lexam has the right to nominate a
director and the right to participate pro-rata in future VG Gold
financings, provided Lexam's aggregate interest remains above 10%
of the common shares outstanding. Lexam may increase or reduce its
investment in VG Gold according to market conditions or other
relevant factors.
ABOUT LEXAM
Lexam is a North American exploration company. The company is
advancing the Baca Oil & Gas Project located in south-central
Colorado, USA, which is 75% owned by Lexam and 25% by
ConocoPhillips, it also has a 50% joint venture interest in the
Otish Basin uranium project located in Quebec, Canada with Golden
Valley Mines. The Company holds significant equity stakes in
Rubicon Minerals Corp. and VG Gold Corp.
CAUTIONARY STATEMENT
Some of the statements contained in this release are
"forward-looking statements". Such forward-looking statements
involve known and unknown risks, uncertainties and other factors
that may cause our actual results, performance or achievements to
differ materially from the anticipated results, performance or
achievements expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially from anticipated results include risks and uncertainties
such as: ability to raise financing for further exploration and
development activities; risks relating to estimates of reserves,
deposits and production costs; extraction and development risks;
the risk of commodity price fluctuations; political, regulatory and
environmental risks; and other risks and uncertainties in the
reports and disclosure documents filed by Lexam from time-to-time
with Canadian securities regulatory authorities. Lexam disclaims
any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. The complete fourth quarter 2008 and second quarter
2009 reports including management's discussion and analysis,
financial statements and notes can be found on the Company's
website at www.lexamexplorations.com and on SEDAR at
www.sedar.com.
Contacts: Lexam Explorations Inc. Ian Ball VP, Corporate
Development (647) 258-0395 or Toll Free: (866) 441-0690 (647)
258-0408 (FAX) info@lexamexplorations.com www.lexamexplorations.com
Corporate Head Office Lexam Explorations Inc. Mailing Address 99
George Street, 3rd Floor Toronto, ON M5A 2N4
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