Lancaster Resources Inc. announced a non-brokered private placement of up to 4,000,000 units at an issue price of CAD 0.05 per unit for the gross proceeds of up to CAD 200,000 on January 19, 2024. Each unit will comprised of one common share and one common share purchase warrant. Each warrant will be exercisable into one common share of the Company at an exercise price of CAD 0.08 per share for a period of three years.

Finders fees of up to 8% cash and 8% warrants may be paid to finders in connection with the Offering. All securities issued as part of the Offering will be subject to a statutory hold period of four months and one day from the issuance date. The closing of the transaction is expected to take place on January 31, 2024.