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Long Run Exploration provides update on proposed private placement


Published Oct 21, 2015
Long Run Exploration Ltd.

Long Run Exploration Ltd. sas that the special meeting of Long Run shareholders initially planned for November 12, 2015 (Proposed Special Meeting) in connection with the proposed private placement to Maple Marathon Investments Limited (Maple Marathon) has been temporarily delayed for the reason outlined below.

On October 16, 2015, MIE Holdings Corporation (MIE), the owner of Maple Marathon, informed Long Run that it had entered into an equity offering for total proceeds of approximately C$40 million. MIE has indicated to Long Run that it intends to use part of the proceeds to fund a portion of the subscription by Maple Marathon under the proposed private placement. MIE advised Long Run that it is in advanced stages of finalizing its remaining financing plans and that it expects to provide Long Run with confirmation regarding the additional financing over the next few weeks and, accordingly, the Proposed Special Meeting has been postponed.

Tags: Long Run Exploration Ltd.




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