La Quinta Resources Corporation
TSX VENTURE : LAQ

La Quinta Resources Corporation

November 20, 2006 15:05 ET

La Quinta Closes Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 20, 2006) - La Quinta Resources Corporation (TSX VENTURE:LAQ) -

The Company reported today that it had closed on the second tranche of a non-brokered private placement previously announced September 21, 2006 and October 17, 2006. The placement consisted of 1,915,000 units at a price of $0.40 per unit. Each unit consists of one common share and one-half share purchase warrant. One full warrant entitles the holder to acquire one additional common share in the capital of the Company at a price of $0.60 for a period of six months from the closing. The warrants expire May 10, 2007. The shares issued as part of the unit and any shares acquired on exercise of the warrants are subject to a four month restriction on re-sale, expiring March 11, 2007. The Company paid a finder's fee of 8% cash to Canaccord Capital Corporation ($9,280.00) and Master Finance International Corp. ($50,400).

Proceeds of the placement will be applied to the ongoing due diligence review of the Company's proposed acquisitions in the Democratic Republic of Congo, for anticipated expenditures on the Company's Mexican properties and for general working capital.

ON BEHALF OF THE BOARD

Malcolm JA Swallow, Chairman and CEO


The TSX Venture Exchange has not reviewed and does not except any responsibility for the accuracy or adequacy of this news release, which has been prepared by management.

Contact Information

  • La Quinta Resources Corporation
    Glen Watson
    (604) 685-1818 or Toll Free: 1-877-891-4653
    Email: info@ laquintaresources.com
    Website: www.laquintaresources.com