Lotus Ventures Inc. is pleased to announce that it has closed the first tranche of its non-brokered private placement financing by issuance of 7,680,000 units at a price of $0.25 per unit for gross proceeds of $1,920,000. Each unit consists of one common share and one transferrable share purchase warrant, each warrant exercisable to purchase one common share at $0.30 per share for five years. Securities issued pursuant to the financing are subject to a four-month hold period under applicable Canadian securities laws. The proceeds from the Offering will be used for working capital and general corporate purposes.
ON BEHALF OF THE BOARD
Lotus Ventures Inc.
“Dale McClanaghan” Dale McClanaghan, President and CEO
For further information: Dale McClanaghan: firstname.lastname@example.org (604) 644-9844
This news release may contain certain “forward-looking information” within the meaning of applicable Canadian securities law. Forward-looking information is frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or information that certain events or conditions “may” or “will” occur. This information is only a prediction. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking information throughout this news release. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.