CALGARY, Alberta – Leucrotta Exploration Inc. (the “Company” or “Leucrotta”) (TSX-V: LXE) is pleased to announce that, further to its press releases dated March 15, 2021 and March 16, 2021, it has closed its previously announced upsized bought-deal financing (the “Bought-Deal Financing“) of 41,096,000 units of the Company (the “Units“) at a price of C$0.73 per Unit (the “Issue Price“) for gross proceeds to the Company of C$30,000,080. In addition, the syndicate of underwriters, co-led by Haywood Securities Inc., as sole bookrunner, and Echelon Wealth Partners Inc. and including Acumen Capital Finance Partners Limited, Desjardins Securities Inc., ATB Capital Markets Inc., Raymond James Ltd., Stifel Nicolaus Canada Inc. and Beacon Securities Limited (collectively, the “Underwriters“) exercised in full the option granted to the Underwriters by the Company to purchase up to 10% of the number of Units sold under the Bought-Deal Financing (the “Over-Allotment Option“) at a price per Unit equal to the Issue Price. As a result of the exercise of the Over-Allotment Option, the Company issued an additional 4,109,600 Units to the Underwriters at the Issue Price for additional gross proceeds of C$3,000,008, resulting in the issuance of an aggregate of 45,205,600 Units under the Bought-Deal Financing for total aggregate gross proceeds of C$33,000,088.
Each Unit consisted of one common share in the capital of the Company (a “Common Share“) and one-half (1/2) of one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant“) of the Company. Each Warrant entitles the holder thereof to acquire one Common Share at a price of C$1.00 (subject to adjustment in certain events) for a period of 24 months from the closing date of the Bought-Deal Financing.
The Company intends to use the proceeds from the Bought-deal Financing to further fund Leucrotta’s initial Mica pad development, other projects and for general corporate purposes.