Vancouver, British Columbia - TheNewswire - August 7, 2020: Leocor Gold Inc. (the "Company") (CSE: LECR) (CNSX:LECR.CN) is pleased to announce that it has closed its non-brokered private placement (the "Private Placement"), which was initially announced on July 20, 2020, of 6,000,000 units of the Company ("Units") at a price of C$0.40 per Unit for gross proceeds of C$2,400,000.
Each Unit consists of one common share of the Company (each, a "Share") and one transferable common share purchase warrant (a "Warrant"), with each Warrant entitling the holder thereof to purchase one additional Share at a price of C$0.50 per Share for a period of 24 months from the closing of the Private Placement.
In consideration for introducing certain subscribers to the Private Placement, the Company paid finders' fees (the "Finders' Fees") to eligible finders. The Finders' Fees were comprised of: (i) an aggregate of 120,050 Warrants; and (ii) a cash payment in the aggregate amount of $48,020.
All securities issued in connection with the Private Placement will be subject to a four-month and one day hold period from their date of issue under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The Company intends to use the proceeds from the Private Placement for general working capital purposes.
"We're pleased investor interest was high for the placement," said CEO, Alex Klenman. "The precious metals market is at all time highs, and Leocor is well financed to aggressively pursue a path of maximum return for our investors. We're looking forward to the next few months, and into next year, as we shape the company's future," continued Mr. Klenman.
About Leocor Gold Inc.
Leocor is a British Columbia-based company involved in the acquisition and exploration of precious metal projects, with a focus in Canada. Leocor is a reporting issuer in British Columbia, Alberta and Ontario, and has its common shares listed for trading on the Canadian Securities Exchange under the symbol "LECR".
Leocor Gold Inc.
Alex Klenman, Chief Executive Officer
Telephone: (604) 681-0084
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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