Leucrotta Exploration Inc. ("Leucrotta" or the "Company") (TSX VENTURE:LXE) is pleased to announce that it has closed its previously announced Bought-Deal Financing (the "Bought Deal Financing") of (i) common shares of the Company ("Common Shares"); and (ii) Common Shares issued on a flow-through basis in respect of Canadian Exploration Expenses ("CEE") under the Income Tax Act (Canada) (the "Flow-Through Shares"), by way of short form prospectus (the "Offering"). Under the Offering, 33,333,400 Common Shares were issued at a price of $2.25 per Common Share and 1,852,000 Flow-Through Shares were issued at a price of $2.70 per Flow-Through Share, for aggregate gross proceeds of $80,000,550.
The syndicate of underwriters for the Offering was co-led by Haywood Securities Inc. and National Bank Financial Inc., and included Acumen Capital Finance Partners Limited, Clarus Securities Inc., Desjardins Securities Inc., Macquarie Capital Markets Canada Ltd., AltaCorp Capital Inc., Cormark Securities Inc., Paradigm Capital Inc., RBC Dominion Securities Inc., GMP Securities L.P., Beacon Securities Limited, Canaccord Genuity Corp. and Raymond James Ltd.
An amount equal to the gross proceeds raised from the issuance of Flow-Through Shares under the Offering will be used by Leucrotta to incur CEE on Leucrotta's existing Canadian properties on or prior to December 31, 2018. Leucrotta will renounce such CEE to subscribers of the Flow-Through Shares effective on or before December 31, 2017. The Corporation intends to use a portion of the net proceeds from the Offering to complete the land acquisition previously announced on April 5, 2017, fund its capital budget and provide funding for future acquisition opportunities that are in the market place currently and for general corporate purposes.
ABOUT LEUCROTTA EXPLORATION INC.
Leucrotta Exploration Inc. is a Montney focused producer with lands located in the Doe/Mica area in northeast British Columbia. Leucrotta's current acreage in the area is approximately 100,500 gross (90,200 net) acres or approximately 157 gross (141 net) sections of Montney land. Current production is approximately 3,000 boe/d (25% oil & NGLs). Leucrotta's shares are listed on the TSX Venture Exchange under the symbol "LXE".
SOURCE: Leucrotta Exploration Inc.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.