Lero Gold Corp. Confirms the Completion of C$2,500,000 Private Placement
21 Dicembre 2007 - 10:51PM
Marketwired
LONDON, UNITED KINGDOM (TSX VENTURE: LER) the base and precious
metal exploration company, announces the completion of a private
placement to raise goss proceeds of C$2,500,000.
10,000,000 common shares at a price of C$0.25 per share have
been issued to qualified investors under applicable regulations
(the "Private Placement") through Canaccord Adams Limited
"(Canaccord") as selling agent. A cash commission equal to 5% of
proceeds raised was paid to Canaccord.
In addition to the completion of the Private Placement, the
Company has been advised that Oriel Resources plc ("Oriel"), has
concluded the sale of its 100 per cent interest (30,000,000 common
shares or approximately 49.35 per cent of the current issued share
capital) in the Company.
As previously announced, (19 November, 2007) 12,000,000 of these
common shares are freely tradable, while 18,000,000 are still held
in escrow and will be released in four blocks in January 2008, July
2008, January 2009 and July 2009. Freely tradable and escrowed
shares have been pro-rated among the purchasers.
The completion of the sale by Oriel of its escrowed shares of
the Company and the Private Placement has been accepted for filing
by the TSX Venture Exchange.
At completion of the sale of shares by Oriel and the Private
Placement, to the Company's knowledge, no shareholder together with
any of its individual affiliates and associates, owns, directly or
indirectly, or exercises control over 10 per cent or more of the
issued and outstanding common shares in the capital of the Company,
including common shares issuable pursuant to the terms of any
convertible security beneficially owned, directly and indirectly,
or controlled by the new shareholders.
Lero intends to use the proceeds of the Private Placement for
general corporate purposes.
President and CEO of Lero, Nick Clarke said:
"Capital raised in this private placement has provided
additional funding for the continuation of advanced exploration
activities within our Kazakhstan and Kyrgyzstan-based licences,
while Oriel's sale of its controlling shareholding enables Lero's
directors to actively pursue operations independently - a very
positive move for the Company and its shareholders."
Notes to Editors:
Lero Gold Corp. (TSX VENTURE: LER) is a base and precious metal
exploration company led by a senior management team with extensive
expertise in mineral exploration and advanced project
management.
In July, 2006 Oriel Resources Plc completed its previously
announced transfer and sale of its gold related assets into Lero
Gold Corporation ('Lero') (formerly ELE Capital Corporation -
'ELE'). Lero resumed trading on TSX Venture Exchange (TSX-V) on
Thursday July 27, 2006 under the trading symbol "LER".
Lero Gold is currently seeking and evaluating advanced
exploration stage gold and base metal projects in Kazakhstan and
Kyrgyzstan. The Company is currently exploring two advanced staged
gold deposits in the Tien Shan gold belt in the Kyrgyz Republic and
one in Kazakhstan. For avoidance of confusion;
- The Taldybulak-Talas copper gold porphyry is a separate
deposit from the Taldybulak Levoberezhny gold deposit previously
owned by Central Asia Gold Limited.
The Company is aggressively pursuing and evaluating high quality
properties which it intends to add to its portfolios in Kyrgyzstan
and Kazakhstan. The Company is well-funded and strategically
positioned to fully participate in the current favourable
investment climate through solid technical advances, unique
in-country expertise, and timely business initiatives. With senior
management and excellent technical expertise, Lero Gold intends to
aggressively explore and develop a portfolio of new projects and
targets.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Lero Gold Corporation Nick Clarke President & CEO
+44 (0) 20 7514 0590 Lero Gold Corporation Darryl Yea Non-Executive
Chairman (604) 699-2458 Lero Gold Corporation Gavin Dallas
Marketing and PR +44 (0) 20 7514 0590 Email: info@lerogold.com
Website: www.lerogold.com Canaccord Adams Limited Robin Birchall /
Ryan Gaffney +44 (0) 20 7050 6500 Bankside Consultants Michael
Padley / Michael Spriggs +44 (0) 20 7367 8888
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