Vancouver, British Columbia--(Newsfile Corp. - March 27, 2019) - I have acquired ownership of 466,667 common shares (representing 1.21% of the outstanding shares) and warrants to purchase an additional 200,000 common shares of Lara Exploration Ltd. (TSXV: LRA) of Vancouver, BC. The common shares and warrants were acquired pursuant to Lara's private placement of 4,000,000 units (each unit consisting of one common share and one-half of one warrant to purchase a further common share) at a price of $0.50 per unit (of which, 400,000 units were issued to me), debt settlement of $50,000 through the issuance of 100,000 common shares at a price of $0.50 each (of which, 50,000 shares were issued to me), and bonus share grant issuing 183,334 common shares at $0.72 each (of which, 16, 667 shares were issued to me).
Immediately prior to the acquisition, I had ownership of 3,173,499 common shares (representing 8.3% of Lara's outstanding common shares) and stock options to purchase an additional 900,000 common shares. If the options were exercised, I would have had ownership of 4,073,499 common shares (representing 11.52% of the outstanding shares) of Lara.
I now have ownership of 3,640,266 common shares (representing 9.42% of Lara's outstanding common shares), warrants to purchase an additional 200,000 common shares, and stock options to purchase an additional 900,000 common shares. If the warrants and stock options were exercised, I would have ownership of 4,740,166 common shares (representing 11.93% of the outstanding shares) of Lara.
The shares and warrants were acquired today under the exemptions set out in section 2.3 [Accredited Investors] of BC Instrument 72-503 [Distribution of Securities outside British Columbia]. Presently, I do not have any intention of acquiring any further securities of Lara but may acquire ownership of further securities in the future depending upon market circumstances.
I have filed an Early Warning Report with the British Columbia, Alberta and Ontario Securities Commissions in respect of the acquisition. Copies of the Report may be obtained from SEDAR (www.sedar.com) or without charge from Lara or me.
Miles F. Thompson
Phone: 011-44-7581-623297
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43687
