Lynden Energy Corp.
TSX VENTURE : LVL

Lynden Energy Corp.

November 22, 2010 09:02 ET

Lynden Energy Corp.: CDN$10.1 Million Private Placement Closes

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 22, 2010) - Lynden Energy Corp. (TSX VENTURE:LVL) reports that its non-brokered private placement totaling $10,100,000 has closed. These funds were raised by the Company by issuing a total of 20,200,000 units at a price of $0.50 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 $0.70 for a period of 3 years. The private placement closed in three tranches. The first tranche consisted of 14,214,000 common shares and 14,214,000 warrants expiring on October 27, 2013. 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 February 28, 2011. The second tranche consisted of 5,786,000 common shares and 5,786,000 warrants expiring on November 12, 2013. 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 March 13, 2011. The third tranche consisted of 200,000 common shares and 200,000 warrants expiring on November 19, 2013. All securities issued in the third tranche, including any shares which may be issued upon the exercise of warrants, have a hold period expiring on March 20, 2011.

The Company has paid, or undertaken to pay, Finder's Fees of $416,520, 215,760 common shares and 215,760 share purchase warrants. The 215,760 finders' warrants are each exercisable into one common share at a price of $0.70, with 120,000 of the finders' warrants expiring on November 12, 2013 and 95,760 expiring on November 19, 2013. The 120,000 finders' shares and any shares which may be issued upon the exercise of the 120,000 finders' warrants, have a hold period expiring March 13, 2011. The 95,760 finders' shares and any common shares which may be issued upon the exercise of the 95,760 finders' warrants have a hold period expiring March 20, 2011. 

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)