Mr. Glen Watson reports
LA QUINTA RESOURCES ARRANGES A NON BROKERED PRIVATE PLACEMENT
La Quinta Resources Corp. has arranged a non-brokered private placement for up to $1.5-million for sale to accredited investors. The terms of the private placement are the sale of up to 18.75 million units at the price of eight cents and consisting of one share and one-half warrant, each full warrant exercisable at a price of 15 cents any time up to one year following the closing of the private placement and at price of 20 cents for a subsequent one year. The company will use the funds for its continuing program on its Nevada properties and for general working capital.
Eight-per-cent finders' fees will be paid to accredited brokers or financial institutions. Four-per-cent finder's-fee warrants will also be granted to accredited brokers or financial institutions at an exercise price of 15 cents any time up to one year following the closing of the private placement and at price of 20 cents for a subsequent one year.
The company has previously filed a price reservation -- Form 4A with the TSX Venture Exchange on March 3, 2011. The private placement is subject to documentation, TSX regulatory approval and other customary conditions. The common shares will be subject to a four-month statutory hold period.
We seek Safe Harbor.