Lovitt Resources Inc (TSXV:LRC) announced a non-brokered private placement of 2,500,000 units at an issue price of CAD 0.15 per unit for gross proceeds of CAD 375,000 on June 24, 2020. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share of the company at CAD 0.25 per for a period of six months, from the date of issuance. The warrants are subject to an accelerated expiry date, which comes into effect when the trading price of the company's common shares on the TSX Venture Exchange close at or above CAD 0.35 per common share for any five days over any period of seven consecutive trading days. If that event occurs, the company will give an expiry acceleration notice to warrant holders and the expiry date of the warrants will be deemed to be 21 days from the date of the notice.