LaraExploration Ltd. said July 11 that it has increased its expectedproceeds from its privateplacement to C$3 million from C$2 million due to investor demand.
The company will now issue 2.4 million units from theinitial 1.6 million units at C$1.25 each.
Each unit will consist of 1 common share and 0.5 of anontransferable common share purchase warrant. Each full warrant allows theholder to purchase an additional common share for C$1.85 valid for two years.
Proceeds from the private placement will be used to supportthe company's new business efforts and for general corporate purposes.