VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 5, 2012) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
Logan Resources Ltd. (TSX VENTURE:LGR) ("Logan") is pleased to announce that it has closed its previously announced non-brokered private placement offering (the "Offering") of units of Logan (the "Units"). Specifically, Logan raised aggregate gross proceeds of C$1,000,000, through the issuance of 10,000,000 Units at a price of $0.10 per Unit. Each Unit consists of one common share and one half of one common share purchase warrant (each whole warrant a "Warrant"). Each Warrant shall be exercisable to acquire one common share for a period of 24 months at an exercise price equal to $0.20.
At any time after four months and one day from the date of the Closing of the Offering, if the volume weighted average trading price of the common shares of Logan on the TSX Venture Exchange is greater than $0.50 per share for 20 consecutive trading days, Logan may give written notice to warrant holders that the Warrants will expire 30 calendar days after the date of such notice.
Logan intends to use the net proceeds of the Offering to further Logan's exploration, development and acquisition programs and for general working capital purposes.
The Offering was non-brokered; however, Logan paid a finder's fee on certain subscriptions equal to 6% of the gross proceeds received from such subscriptions payable in a combination of $39,530 in cash and 30,000 commission units. The commission units have the same terms as the Units. Logan also issued 423,000 non-transferrable finder's warrants ("Finder's Warrants"). Each Finders Warrant shall be exercisable to acquire one common share for a period of 24 months at an exercise price equal to $0.20.
The securities being offered hereby have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state or province in which such offer, solicitation or sale would be unlawful.
Logan Resources Ltd. is a mineral exploration company that specializes in acquiring, exploring and advancing Canadian mineral properties. Logan has a diversified portfolio of precious metal, base metal and uranium projects. For more information on the property portfolio and Logan, please visit www.loganresources.ca.
LOGAN RESOURCES LTD.
On behalf of the Board
Adrian Bray, President & CEO
Cautionary Note Regarding Forward-Looking Information
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation; statements about the terms of the Offering, and statements about the use of proceeds from the Offering are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; issues in obtaining required permits; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with applicable Canadian securities regulators. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and Logan undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
Neither the 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, and no securities regulatory authority has either approved or disapproved of the contents of this release.