July 24, 2017 Leo Resources Inc. (CSE:LEO; FSE: L001) (Leo or the Company) Further to the news release dated May 9th, 2017, June 16th, 2017 and June 21st, 2017 with respect to the Companys previously announced $10M private placement, Leo is pleased to report that is has closed the final tranche of its non-brokered private placement for 3,397,600 units for gross proceeds $1,698,800 at a price of $0.50 per unit. In connection with the first initial tranche, the company has raised in total, gross proceeds of $12,332,250.00 equivalent to 24,664,500 units for this financing.
Each unit will consist of one common share and one-half of one common share purchase warrant. Each full warrant will entitle the holder to purchase an additional common share at the price of 85 cents per share for a period of 12 months from the closing of the transaction. In the event that company's share prices closes at a price of $1.40 per share for a period of 10 consecutive trading dates, the company will have the option to provide notice to the warrant holders in writing or through press release to accelerate the term of the warrants to a period of 30 days following such notice.
In connection with the private placement, the company has paid finders fees (the Finder) in the amount of 7 per cent of gross proceeds raised and common share purchase warrants entitling the Finder to purchase common shares of the Company up to 7 per cent of the number of units sold in the private placement, having the same terms as the warrants issued in the financing.
The net proceeds from the Financing will be used for the development of the business, potential acquisitions, and general working capital purposes.
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