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Acquisition of Further Shares & Warrants of Lara Exploration Ltd.

·2 min read

Vancouver, British Columbia--(Newsfile Corp. - June 20, 2022) - I have acquired ownership of 461,538 common shares (representing 1.10% of the outstanding shares) and warrants to purchase an additional 230,769 common shares of Lara Exploration Ltd. (TSXV: LRA) of Vancouver, BC. The common shares and warrants were acquired pursuant to Lara's private placement of 6,153,846 units (each unit consisting of one common share and one-half of one warrant to purchase a further common share) at a price of $0.65 per unit.

Immediately prior to the acquisition, I owned and had control and direction over 4,056,833 common shares (representing 10.24% of Lara's outstanding common shares) and stock options to purchase an additional 800,000 common shares. If the options were exercised, I would have had ownership of 4,856,833 common shares (representing 12.01% of the outstanding shares) of Lara.

I now own and have control and direction over 4,581,371 common shares (representing 9.87% of Lara's outstanding common shares), warrants to purchase an additional 230,769 common shares, and stock options to purchase an additional 800,000 common shares. If the warrants and stock options were exercised, I would own and have control and direction over 5,549,140 common shares (representing 11.85% of the outstanding shares) of Lara.

The shares and warrants were acquired today for investment purposes under the prospectus exemption set out in section 2.24 [Employee, executive officer, director and consultant] of National Instrument 45-106 Prospectus Exemptions of the Canadian Securities Administrators. Presently, I do not have any intention of acquiring any further securities of Lara but may acquire ownership of further securities in the future depending upon market circumstances.

I will file an Early Warning Report with the British Columbia, Alberta and Ontario Securities Commissions in respect of the acquisition. Copies of the Report may be obtained from SEDAR (www.sedar.com) or without charge from Lara or me.

Contact: Miles Thompson
(+) 1-604-669-8777

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/128222