VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 05/09/12 — Lynden Energy Corp. (TSX VENTURE: LVL) reports that it has raised gross proceeds of $4,256,700 in an initial closing of its recently announced $6,300,000 non-brokered private placement. The funds were raised through the issuance of 10,135,000 units at a price of CDN $0.42 per unit. Each unit is comprised of one common share and one-half of one share purchase warrant. Each whole warrant is exercisable at a price of CDN $0.65 until May 4, 2015.
The Company has paid finder–s fees of 30,000 common shares and 15,000 share purchase warrants. The finders– warrants are each exercisable into one common share at a price of $0.65 expiring on May 4, 2015.
The shares, and any shares issued upon exercise of the investor warrants or finders– warrants, are subject to a hold period expiring September 5, 2012.
The funds raised from this private placement will be used for the company–s oil and gas projects, and for general working capital purposes. The balance of the private placement is scheduled to close shortly.
Lynden is a Canadian-based oil and gas company with operations focused on our Wolfberry and Mitchell Ranch projects in the Permian Basin, West Texas.
ON BEHALF OF THE BOARD OF DIRECTORS
LYNDEN ENERGY CORP.
Colin Watt, President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Contacts:
Lynden Energy Corp.
Colin Watt
President and CEO
(604) 629-2991
(604) 602-9311 (FAX)