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.
- Lexington Resources Spuds Petta #1 Well (Sep 06)
- Lexington Announces New Gas Production From Peyton 1-25 (Jul 24)
- Lexington Resources Closes Equity Placement (May 17)