Longford Energy Inc. reported a $3,000,000 private placement financing.
In connection with the private placement, Longford will sell up to 11,111,111 units (the "Units") at a price of $0.27 per Unit for gross proceeds of $3,000,000. Each Unit will consist of one Common Share in the capital of the Company and one transferable common share purchase warrant (a "Warrant"). Each Warrant shall entitle the holder thereof to acquire one common share in the capital of the Company (a "Common Share") at a price of $0.35 for a period of 24 months following the closing date.
Closing of the financing is anticipated to occur on or about February 20, 2008 and is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange. The securities issuable in connection with the financing will be subject to resale restrictions for a period of four months plus one day from the closing date.
The net proceeds from the sale of the Units will be used to repay outstanding debentures and for general corporate purposes.
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