Blue Lagoon Completes Private Placement

Rhea-AI Summary

Blue Lagoon Resources has successfully completed an oversubscribed non-brokered private placement offering, issuing 3,549,998 units at $0.11 per unit for total proceeds of $390,500. Each unit includes one common share and one transferrable warrant, with warrants exercisable at $0.14 per share until October 30, 2026. The proceeds will be used for working capital and general corporate purposes. The securities are subject to a four-month hold period ending March 1, 2025, and will not be registered under the U.S. Securities Act.

Positive

• Successfully raised $390,500 through oversubscribed private placement
• Warrants provide potential additional funding if exercised at $0.14 per share

Negative

• Share dilution through issuance of 3,549,998 new units
• Additional potential dilution if warrants are exercised

Not for distribution to United States Newswire Services or for dissemination in the United States

VANCOUVER, BC / ACCESSWIRE / October 29, 2024 / Blue Lagoon Resources Inc. (the "Company") (CSE:BLLG)(FSE:7BL)(OTCQB:BLAGF) is pleased to announce that the non-brokered private placement offering (the "Offering") previously announced by the Company on October 17, 2024, was oversubscribed and, as a result, the Company has now closed the Offering by issuing 3,549,998 units (the "Units") at a price of $0.11 per Unit for aggregate gross proceeds of $390,500.

Each Unit consists of one common share in the capital of the Company and one transferrable common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of $0.14 per share until October 30, 2026.

The proceeds raised from the Offering are expected to be used for working capital and general corporate purposes. The securities issued under the Offering are subject to a four month hold period expiring on March 1, 2025, in accordance with applicable Canadian securities laws.

The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.

For further information, please contact:

Rana Vig
President and Chief Executive Officer
Telephone: 604-218-4766
Email: rana@ranavig.com

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

SOURCE: Blue Lagoon Resources Inc.

View the original press release on accesswire.com

FAQ

How much did Blue Lagoon Resources (BLAGF) raise in its October 2024 private placement?

Blue Lagoon Resources raised $390,500 through an oversubscribed private placement by issuing 3,549,998 units at $0.11 per unit.

What are the terms of the warrants issued in Blue Lagoon's (BLAGF) October 2024 private placement?

Each warrant entitles the holder to purchase one additional common share at $0.14 per share until October 30, 2026.

When does the hold period expire for Blue Lagoon's (BLAGF) October 2024 private placement securities?

The securities issued under the private placement have a four-month hold period expiring on March 1, 2025.