Lexington Resources Announces $5.26 Million Note and Warrant Placement

Lexington Resources reports the closing of a $5.26 million promissory note and warrant placement with accredited investors to increase drilling, land acquisition, and working/operating related capital expenditures to expedite the development of its domestic gas projects.

The Company has entered into purchase agreements with certain accredited investors for the placement of $5.26 million in 2 year promissory notes yielding 8% interest. Also issued to the investing note holders were 2.63 million warrants exercisable at $1.25 per share for a one year term and 2.63 million warrants exercisable at $1.50 per share for a three year term. The Company has agreed to file a registration statement with the Securities and Exchange Commission ("SEC") within 30 days after completion of the transaction, covering the resale of shares of common stock underlying note principal and interest conversion rights and the shares issuable upon exercise of the warrants. The warrant terms begin after the registration statement filed by the Company has been declared effective by the Securities and Exchange Commission.


Our Privacy Pledge

Most Popular Articles

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours