November 15, 2010 -- Vancouver, BC - Laurentian Goldfields Ltd. (TSX-V: LGF) ("Laurentian" or the "Company") announces that it has completed a non-brokered private placement of 2,923,555 units ("Units"), at a price of $0.18 per Unit, for total proceeds of $526,239.00.
Each Unit consisted of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.25 per share until November 15, 2011. The warrants will be subject to a 15 trading day acceleration period in the event Laurentian gives notice to the holders of the warrants that the trading price of the common shares of the Company has closed at $0.60 or greater for a period of ten consecutive trading days beginning on or after March 16, 2011.
In connection with the private placement, the Company issued an additional 110,900 Units as finder's fees(5%) to one finder.
All securities issued or issuable in connection with the private placement will be subject to a hold period and will be restricted from trading until March 16, 2011.
The Company intends to use the proceeds of the private placement for project evaluations, potential acquisitions and general working capital.
About Laurentian Goldfields Ltd.
Laurentian is a team of highly skilled exploration professionals focused on discovery in under-explored regions of mining-friendly jurisdictions. Laurentian generates new projects by employing leading edge exploration concepts and techniques to quickly and cost-effectively screen vast tracts of land for geological and geochemical signatures known to be associated with world class gold deposits.
ON BEHALF OF THE BOARD OF DIRECTORS,
Andrew Brown, M.Sc., P.Geo.
President and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to mineral potential and planned exploration, development and production activities. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, realized mineralization of properties and the timing and success of future exploration, development and production activities.
For further information, please contact:
Andrew Brown, President and CEO
Tel: (604) 646-8000
Fax: (604) 642-8088