Landen Capital Corp.
TSX VENTURE : LAN.P

November 17, 2009 21:12 ET

Landen Completes Qualifying Transaction and Concurrent Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 17, 2009) -

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Landen Capital Corp. (the "Company") (TSX VENTURE:LAN.P) is pleased to announce that it has completed its qualifying transaction announced on August 6, 2009, as well as a concurrent private placement (the "Private Placement") on a non-brokered basis by the issuance of 8,620,000 units ("Unit") at a price of CAN$0.10 per Unit, for total gross proceeds of CAN$862,000. Each Unit is comprised of one common share of the Company (a "Share") and one non-transferable share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one additional Share for a period of 24 months from the date of issuance at a price of CAN$0.20. The expiry date of the Warrants may be accelerated, at the sole option of the Company, to 21 business days following the date on which the Company gives notice that its common shares have closed for 20 consecutive trading days at a price of CAN$0.30 or greater. Net proceeds from the Private Placement will be used for the expenditures on the Bonanza Property and working capital requirements.

In connection with the Private Placement, the Company paid to certain finders (collectively, the "Finders") an aggregate cash fee of $69,150 representing 10% of the gross proceeds placed by the Finders. In addition, the Finders received an aggregate of 691,500 Units (the "Finders' Units") (being equal to 10% of the Units sold to purchasers located through the efforts of the Finders), having the same terms and conditions as the Units and consisting of 691,500 Shares and 691,500 Warrants. All securities issued or issuable under the Private Placement and Finders' Units are subject to a four-month hold period expiring on March 17, 2010.

Effective at the opening on November 18, 2009, trading of the Company's Shares will resume on Tier 2 of the TSX Venture Exchange under the symbol "LAN" (CUSIP No. 514783109).

Corporate

The Company wishes to announce the addition of Ms. Nancy Wolverson, P.Geo., of Reno, Nevada, as a Director of the Company. Ms. Wolverson is a Certified Professional Geologist with the American Institute of Professional Geologists and has more than 25 years' experience exploring for and evaluating precious metal and uranium properties in the United States, Chile, Ecuador, Mexico and Kyrgystan.

Concurrent with the completion of the Qualifying Transaction, the Company advises that Mr. Terry Lashman has been replaced by Mr. Rajwant Kang as Chief Financial Officer and Ms. Loree Gregg as Corporate Secretary. The Company wishes to thank Mr. Lashman for his contribution.

Neither 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.

Contact Information

  • Landen Capital Corp.
    Loree Gregg
    Corporate Secretary
    (604) 443-3833
    (604) 682-3860 (FAX)