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TSX-V SYMBOL: LKY
VANCOUVER, April 27, 2012 /PRNewswire/ - Lucky Strike Resources Ltd. (TSXV - LKY), (the "Company") is pleased to announce the completion of its previously announced non-brokered private placement (the "Offering") for gross proceeds of $559,920 though the issuance of 1,636,000 flow-through units (each a "FT Unit") and 1,000,000 non-flow-through units (each a "NFT Unit") at a purchase price of $0.22 per FT Unit and $0.20 per NFT Unit. Each FT Unit consists of one common share (a "FT Share") in the capital of the Company, issued on a flow-through basis under the Income Tax Act (Canada), and one-half of one non-flow-through common share purchase warrant (each whole warrant, a "FT Warrant"). Each FT Warrant is exercisable to acquire one non-flow-through common share (a "FT Warrant Share") in the capital of the Company, at an exercise price of $0.30 per FT Warrant Share until April 26, 2014, subject to an accelerated expiry date as set out below. Each NFT Unit consists of one non-flow-through common share (a "NFT Share") in the capital of the Company and one non-flow-through common share purchase warrant (a "NFT Warrant"). Each NFT Warrant is exercisable to acquire one non-flow-through common share (a "NFT Warrant Share") in the capital of the Company at an exercise price of $0.30 per NFT Warrant Share until April 26, 2014, subject to an accelerated expiry date as set out below.
In the event that at any time the closing price of the issued and outstanding common shares of the Company on the TSX Venture Exchange is greater than or equal to $0.50 for a period of 15 consecutive trading days, the Company may, at its option, accelerate the expiry date of the FT Warrants and the NFT Warrants by giving notice to the holders thereof and in such case the FT Warrants and the NFT Warrants will expire on the date which is the earlier of: (i) the 30th day after the date on which such notice is given by the Issuer; and (ii) the original expiry date.
In connection with the Offering, the Company paid to an arm's length finder a finder's fee in cash of $35,600 and issued to the finder an aggregate of 207,500 non-transferable common share purchase warrants that entitle the finder to purchase up to 207,500 common shares in the capital of the Company at a purchase price of $0.30 per share at any time until April 26, 2014, subject to an accelerated expiry date as set out above, in consideration for their services provided to the Company in connection with the Offering.
All securities issued in connection with the Offering are subject to a hold period expiring on August 27, 2012.
The net proceeds from the Offering will be used for the exploration of the Grizzly and Aspen properties and for general working capital purposes.
ON BEHALF OF LUCKY STRIKE RESOURCES LTD.
Cathy Fong, P.Eng,
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 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 U.S. Persons as defined under applicable securities laws unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. ___________________________________________________________________________________________________________
This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.
SOURCE Lucky Strike Resources Ltd.