(TheNewswire)
Vancouver, British Columbia – TheNewswire - May 15, 2024 - LexstonMining Corporation (the “Company” or “Lexston” ) (CSE:LEXT) (OTC: LEXTF) (Frankfurt: W5G) is pleased to announce thatfurther to its news release dated April 26, 2024, it closed anon-brokered private placement of $ 419,960 through the issuance of6,999,333 units at a price of $0.06 per unit (the “Private Placement” ). Each unit consists of one common share and one commonshare purchase warrant. Each common share purchase warrant entitlesthe holder to purchase one common share at a price of $0.08 for twoyears from the date of issuance and will expire on May 15, 2026. ThePrivate Placement was oversubscribed by $ 19,960.
Company’s directors Jagdip Bal, Clinton Sharples andJatinder J. Manhas participated in in the Private Placement andpurchased a total of 1,973,334 units.
The Company paid finder’s fee consisting of 8% cashand 8% broker warrants from raised proceeds as follows: $3,840 cash and 64,000 broker warrants to Haywood Securities Inc. , $5,997 cash and93,280 broker warrants to Raymond James Ltd, and $1,200 cash and20,000 broker warrants to SCP Resources Finance LP.
All securities issued pursuant to the Private Placementare subject to a four-month statutory hold period until September 16,2024.
The Company plans to use the proceeds of the PrivatePlacement for general working capital and exploration of mineralproperties.
About Lexston MiningCorporation
The Company is a Canadian mineral exploration company,focused on the acquisition and development of mineral projects, withthe objective to enhance value to all its stakeholders. The Companyhas mineral exploration projects in British Columbia and Nunavut,Canada.
On Behalf of the Board ofDirectors
LEXSTON MINING CORPORATION
Jagdip Bal
Chief Executive Officer
Telephone: (604) 928-8913
Email: info@lexston.ca
The Canadian Securities Exchange hasnot reviewed and does not accept responsibility for the adequacy oraccuracy of the content of this news release.
Forward-looking statements
This news release contains"forward-looking information" under applicable Canadiansecurities legislation. Such forward-looking information reflectsmanagement's current beliefs and are based on a number of estimatesand/or assumptions made by and information currently available to theCompany that, while considered reasonable, are subject to known andunknown risks, uncertainties, and other factors that may cause theactual results and future events to differ materially from thoseexpressed or implied by such forward-looking information. Readers arecautioned that such forward-looking information are neither promisesnor guarantees and are subject to known and unknown risks anduncertainties including, but not limited to, general business,economic, competitive, political and social uncertainties, uncertainand volatile equity and capital markets, lack of available capital,actual results of exploration activities, environmental risks, futureprices of base and other metals, operating risks, accidents, labourissues, objections byaboriginal people, delays in obtaining governmental approvals andpermits, obtaining consents of aboriginal people and other risks inthe mining industry.
These statements include but are notlimited to obtaining financing, exploration permits, exploration ofproperties for minerals, liquidity of the common shares of the Companyand future financings of the Company. These statements reflectmanagement's current estimates, beliefs, intentions, and expectations.They are not guarantees of future performance. The Company cautionsthat all forward-looking statements are inherently uncertain and thatactual performance may be affected by many material factors, many ofwhich are beyond the Company’s control. Such factors include, amongother things: risks and uncertainties relating to the acquisition ofnew properties, liquidity of the common shares of the Company,financings, the market valuing the Company in a manner not anticipatedby management of the Company. Accordingly, actual and future events,conditions and results may differ materially from the estimates,beliefs, intentions and expectations expressed or implied in theforward-looking information. Except as required under applicablesecurities legislation, the Company does not undertake to publiclyupdate or revise forward-looking information.
The Company is presently anexploration stage company. Exploration is highly speculative innature, involves many risks, requires substantial expenditures, andmay not result in the discovery of mineral deposits that can be minedprofitably. Furthermore, the Company currently has no reserves on itsproperties. As a result, there can be no assurance that suchforward-looking statements will prove to be accurate, and actualresults and future events could differ materially from thoseanticipated in such statements.
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