Lancaster Resources Inc (CSE:LCR, OTCQB:LANRF) has announced a non-brokered private placement to raise up to $400,000.
The company plans to use the proceeds for exploration activities, potential property acquisitions, accounting costs, salaries, and debt settlement.
The financing will involve issuing up to 8 million units at $0.05 with each unit consisting of one common share and a warrant. Each warrant will allow the holder to acquire an additional share at $0.05 for three years.
The financing is expected to close by March 26, with securities issued under the offering subject to a four-month-plus-one-day hold period.
Finders assisting in the placement may receive up to 8% in cash and warrants as compensation.