VANCOUVER, BRITISH COLUMBIA -- (Marketwire - May 7, 2012) -
Laurentian Goldfields Ltd.(TSX VENTURE:LGF) ("Laurentian" or the "Company") announces that the it intends to complete a non-brokered private placement financing for proceeds of up to $1.25 million by the issuance of 9.17 million non-flow through units ("NFT Units") at a price of $0.06 per NFT Unit and 8.75 million flow through units ("FT units") at a price of $0.08 per FT Unit.
Each NFT Unit will consist of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional non-flow-through common share at a price of $0.12 per share within 12 months after the date of issuance.
Each FT Unit will consist of one flow-through common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional non-flow-through common share at a price of $0.15 per share within 12 months after the date of issuance.
Laurentian intends to use the proceeds of this financing for drilling and other exploration work at the Van Horne gold property (see news release dated March 29, 2012), advancing targets on the Kinross-Laurentian Goldpines North Joint Venture, and general working capital purposes.
Finder's fees may be payable in connection with this private placement. The private placement is subject to certain conditions, including regulatory acceptance, and all securities issued will be subject to a four-month hold period from the date of issuance.
About Laurentian Goldfields Ltd.
Laurentian is a team of highly skilled and proven exploration professionals focused on the acquisition, exploration and development of high quality gold properties in Canada. The Company advances its prospective projects through the use of its internal technical team, extensive network of exploration industry specialists and by engaging the financial support of major mining companies through exploration alliances and joint venture agreements. Laurentian is committed to increasing shareholder value by exploring and advancing properties that have the potential to host world class gold deposits.
ON BEHALF OF THE BOARD OF DIRECTORS,
Darin Labrenz, P.Geo.
President and CEO
Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to mineral potential and planned exploration, development and production activities. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, realized mineralization of properties and the timing and success of future exploration, development and production activities.
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.
Contact
Laurentian Goldfields Ltd.
Darin Labrenz, P.Geo., President and CEO
604-646-8000
604-646-8088 (FAX)
info@laurentiangoldfields.com
Laurentian Goldfields Ltd.
Marla Lede, Manager, Corporate Communications
(604) 697-2412
(604) 646-8088 (FAX)
mlede@laurentiangoldfields.com
www.laurentiangoldfields.com
