Lynden Energy Corp.
TSX VENTURE : LVL

Lynden Energy Corp.

March 02, 2010 17:36 ET

Lynden Energy Corp.: $4.5 Million Private Placement Closes

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 2, 2010) - Lynden Energy Corp. (TSX VENTURE:LVL) reports that its non-brokered private placement totaling $4,500,000 has closed. These funds were raised by the Company by issuing a total of 15,000,000 units at a price of $0.30 per unit.

Each unit is comprised of one common share and one common share purchase warrant. Each share purchase warrant entitles the holder to purchase one additional common share at a price of $0.50 for a period of 2 years. The private placement closed in two tranches. The first tranche consisted of 9,350,000 common shares and 9,350,000 warrants expiring on February 10, 2012. All securities issued in the first tranche, including any shares which may be issued upon the exercise of warrants, have a hold period expiring on June 11, 2010. The second tranche consisted of 5,650,000 common shares and 5,650,000 warrants, expiring on February 16, 2012. All securities issued in the second tranche, including any shares which may be issued upon the exercise of warrants, have a hold period expiring on June 17, 2010.

The Company paid Finder's Fees of 354,000 units (having the same characteristics as the units purchased by the private placement investors) and 354,000 finders warrants in connection with the private placement. The finders warrants are each exercisable into one common share at a price of $0.30 until February 16, 2011. All securities issued to the finders, including any shares which may be issued upon the exercise of warrants, have a hold period expiring June 17, 2010.

ON BEHALF OF THE BOARD OF DIRECTORS

LYNDEN ENERGY CORP.

Colin Watt, President and CEO

Neither the 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 news release.

Contact Information

  • Lynden Energy Corp.
    Colin Watt
    President and CEO
    (604) 629-2991
    (604) 602-9311 (FAX)