Lake Victoria Gold closes $2 million private placement

Lake Victoria Gold Ltd. (TSXV: LVG) (OTCQB: LVGLF) (FSE: E1K) announced the completion of a non-brokered private placement that raised $2 million in gross proceeds.

The Vancouver-based gold exploration company issued 11,428,571 common shares at $0.175 per share to complete the financing. The securities are subject to a four-month-and-one-day statutory hold period under Canadian securities laws.

Company insiders participated in the placement, purchasing 3,823,800 shares for $669,165. This insider participation qualifies as a related party transaction under Multilateral Instrument 61-101 but is exempt from formal valuation and minority shareholder approval requirements.

The company paid Canaccord Genuity Corp. $7,007 in cash and issued 40,040 finder's warrants as compensation for a portion of the placement. Each finder's warrant allows the purchase of one common share at $0.175 for three years following completion.

Lake Victoria Gold stated it will use the proceeds for general working capital purposes. The financing was conducted alongside a previously announced LIFE Private Placement that closed in September.

The company focuses on gold exploration and development in Tanzania's Lake Victoria Goldfield. It holds a 100% interest in the Tembo project, located adjacent to Barrick's Bulyanhulu Mine, and the fully permitted Imwelo Project near AngloGold Ashanti's Geita Gold Mine.

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