June 23, 2024

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Lancaster Resources Completes Unit Offering

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VANCOUVER, British Columbia, Feb. 02, 2024 (GLOBE NEWSWIRE) — Lancaster Resources Inc. (CSE:LCR | OTCQB:LANRF | FRA:6UF0) (the “Company”) is pleased to announce that it today completed the first tranche of a non-brokered private placement (the “Offering”), previously announced on January 19, 2024

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The Company has completed the first tranche of the Offering with the issuance of 2,125,000 units, each consisting of one share and one warrant to purchase one common share at a price of $0.08 for three years after issuance. In connection with the Offering, the Company paid $2,000 in cash commission to a finder and issued finder warrants to purchase 40,000 shares at $0.08 per share for a period of three years.

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All securities issued pursuant to the Offering are subject to a statutory hold period of four months and one day from the issuance date. The total value of units issued was $106,250, of which $41,250 was conversion of debt. Part of the debt converted was $6,250 for past fees of an officer. Proceeds of the offering will be used for exploration at the Alkali Flat Lithium Brine Project in New Mexico and consulting fees of $38,000.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Lancaster Resources Inc.

Lancaster Resources (CSE:LCR | OTCQB:LANRF | FRA:6UF0) is engaged in exploring critical metals to take advantage of the global shift towards…


2024-02-03 02:26:37

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