Lahontan Gold Corp. (TSXV: LG) (OTCQB: LGCXF) (FSE: Y2F) announced the completion of its non-brokered private placement, raising CAD$13.64 million through the issuance of 33.27 million units at CAD$0.41 per unit.

The final tranche closed with 1.08 million units for gross proceeds of CAD$442,390. Each unit consists of one common share and one-half of a purchase warrant. The warrants allow holders to purchase common shares at CAD$0.60 each for two years from issuance, with an acceleration clause if shares trade at or above CAD$1.00 for 10 consecutive trading days after four months and one day from issuance.

The company paid CAD$804,401 in finder fees and issued 1.96 million broker warrants exercisable at CAD$0.41 per share for two years. All securities are subject to a four-month hold period under Canadian securities laws.

Chief Executive Officer Kimberly Ann stated the financing provides funding for exploration and mine development programs through 2027, when the company expects to make a production decision for the Santa Fe Mine project. The proceeds will fund exploration at the Santa Fe Mine and West Santa Fe projects, plus general working capital.

Lahontan Gold operates four gold and silver exploration properties in Nevada. The Santa Fe Mine project produced 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1995. The property has indicated mineral resources of 1.54 million ounces of gold equivalent and inferred resources of 411,000 ounces of gold equivalent.