Luiri Gold Limited
TSX VENTURE : LGL

Luiri Gold Limited

January 08, 2008 12:17 ET

Luiri Gold Closes C$3 Million Financing With Strata Capital and First Canadian Capital

TORONTO, CANADA--(Marketwire - Jan. 8, 2008) - Luiri Gold Limited (TSX VENTURE:LGL) announces it has closed a C$3 million private placement in respect of which Strata Capital and First Canadian Capital served as finders and provided certain corporate advisory services.

A total of 6 million units were issued pursuant to the private placement at a price of $0.50 per unit (the "Units") resulting in gross proceeds to Luiri of C$3 million. Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant is exercisable for one common share for a period of two years at a price of $0.75 per share. Luiri has paid aggregate finders fees of $225,000 to Strata Capital and First Canadian Capital for their services in connection with the private placement. The Units are subject to a statutory hold period of four months from the date of closing.

The funds will be used to support the current Luiri Gold exploration programme at the Luiri Hill project and new acquisition strategy.

About Luiri Gold

Luiri Gold is an African-focused resource exploration company with the previously stated strategy of creating shareholder value through the discovery and exploitation of gold and copper-gold ore deposits in Africa.

ON BEHALF OF THE BOARD OF DIRECTORS OF LUIRI GOLD LIMITED

Ted Grobicki, Chairman

Michael Sperinck, President

Disclosure Regarding Forward-Looking Information

This press release contains forward-looking information which involves risks and uncertainties. Forward looking information represents management's current views and these may change significantly as new information comes to hand.

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • Luiri Gold Limited
    Michael Sperinck
    President
    +61-401-694-322
    Website: www.luirigold.com
    or
    First Canadian Capital
    Dan Boase
    Investor Relations
    (416) 742-5600