Lahontan Gold Corp. (TSXV: LG) (OTCQB: LGCXF) (FSE: Y2F) completed the third tranche of its private placement, issuing 3.71 million units at C$0.41 per unit for gross proceeds of C$1.52 million.

The company has now raised a total of C$13.2 million across three tranches through the issuance of 32.19 million units. Each unit consists of one common share and half of one warrant, with each full warrant allowing the purchase of one common share at C$0.60 for two years.

The warrants include an acceleration provision that reduces the exercise period to 30 business days if the company's shares trade at or above C$1.00 for 10 consecutive trading days after a four-month hold period.

Lahontan will use the proceeds for exploration at its Santa Fe Mine and West Santa Fe projects, as well as general working capital. The company paid C$778,858 in finder's fees across all three tranches and issued 1.9 million broker warrants exercisable at C$0.41 per share for two years.

Securities issued in the placement are subject to a four-month hold period under Canadian securities laws. The company noted that securities issued outside Canada and the United States under Ontario Securities Commission Rule 72-503 will not be subject to statutory hold periods.

Lahontan Gold operates gold and silver exploration properties in Nevada's Walker Lane. Its Santa Fe Mine project previously produced 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1995.