Lahontan Gold seeks up to $2 million through private placement

Lahontan Gold Corp. (TSXV:LG)(OTCQB: LGCXF)(FSE:Y2F) announced a non-brokered private placement financing to raise up to $2 million through the issuance of up to 13,333,333 units priced at $0.15 each.

Each unit consists of one common share and one-half of one warrant. The warrants allow holders to purchase one common share at $0.25 per share for two years from the issuance date. The company may accelerate the warrant expiry to 30 business days after a press release announcement if the common shares trade at or above $0.35 for ten consecutive trading days after the four-month hold period.

The company plans to use proceeds for general working capital and exploration at its Santa Fe Mine and West Santa Fe Projects in Nevada.

The offering requires corporate and regulatory approvals, including approval from TSX Venture Exchange. Securities issued will be subject to a four-month-plus-one-day hold period and applicable resale restrictions.

Lahontan Gold operates four gold and silver exploration properties in Nevada's Walker Lane. The Santa Fe Mine project previously produced 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1995. The project has an indicated mineral resource of 1,539,000 ounces of gold equivalent and an inferred mineral resource of 411,000 ounces of gold equivalent, according to Canadian National Instrument 43-101 standards.

The company stated it plans to advance the Santa Fe Mine project toward production, update its preliminary economic assessment, and conduct drilling at the West Santa Fe project during 2025.

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