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More pain at LRE, Long RunLONG RUN EXPLORATION LTD. ANNOUNCES AMENDMENTS TO PROPOSED PRIVATE PLACEMENT AND INITIATES STRATEGIC ASSET RATIONALIZATION Long Run Exploration Ltd., due to current market conditions, has amended the terms of its previously announced private placement with Maple Marathon Investments Ltd. and MIE Holdings Corp., and commenced a formal asset rationalization program. The amended terms of the private placement along with the asset rationalization program ensure that the company has maximum flexibility to consider options available to accomplish debt reduction while maximizing stakeholder value. Amended private placement Long Run, Maple Marathon and MIE have entered into an amended and restated investment agreement pursuant to which Long Run will issue to Maple Marathon, by way of private placement, 125 million units at an issue price of 80 cents per unit for gross proceeds of approximately $100-million. The proceeds from the private placement will be used for debt reduction. ======================================================================================== So who thinks Marathon is going to pay 80 cents for a 20-cent stock? Raise your hands please.................no one? To me, it looks like LRE is done like dinner. More at; |
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