Press release from Marketwire
Lara Exploration to Raise up to $3 Million by Private Placement
Monday, September 17, 2012
Lara Exploration to Raise up to $3 Million by Private Placement17:02 EDT Monday, September 17, 2012VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 17, 2012) -NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES NOR FOR DISSEMINATION IN THE UNITED STATES OF AMERICALara Exploration Ltd. (TSX VENTURE:LRA) ("Lara" or the "Company") intends to undertake a private placement raising $3,000,000 by the issuance of 2,400,000 units at $1.25 per unit. Each unit shall consist of one common share and one non-transferable, common share purchase warrant. Each warrant will entitle the holder to purchase an additional common share at $1.85 for two years. If, after four months from closing, the closing price of the Company's shares on the TSX Venture Exchange is $2.50 or greater for 10 consecutive trading days, the Company may, by notice given within five trading days thereof, accelerate the expiry of the warrants to the 21st trading day after such notice. The Company will pay finder's fees in respect of subscriptions from investors introduced by a finder. The fee will be payable in cash, or at the finder's election, the issuance of that number of units equal to 5% of the number of units issued pursuant to such subscriptions. There can be no assurance that the private placement will be completed as proposed or at all, and it is subject to all applicable regulatory approvals. The proceeds of the offering will be used by Lara to support new business efforts and for general corporate purposes. About Lara Lara is an exploration company following the Prospect Generator business model, which aims to minimize shareholder dilution and financial risk by generating prospects and then exploring them in joint ventures funded by partners. The Company currently holds a diverse portfolio of prospects and deposits primarily in Brazil and Peru, where it has signed agreements for fifteen Joint Ventures and two Strategic Alliances. Lara's common shares trade on the TSX Venture Exchange under the symbol "LRA". For further information on Lara Exploration Ltd. please consult our website www.laraexploration.com.This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available. FOR FURTHER INFORMATION PLEASE CONTACT: Chris MacIntyreLara Exploration Ltd.VP Corporate Development+1 416 703 0010www.laraexploration.comNeither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.