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Lancaster Resources Inc. — Capital/Financing Update 2025
Jun 6, 2025
47911_rns_2025-06-06_803ab9fc-67a8-4065-94b2-d23ed9953508.pdf
Capital/Financing Update
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Form 51-102F3 Material Change Report
Item 1: Name and Address of Company
Lancaster Resources Inc. (the "Company" or "Lancaster")
1771 Robson Street, Suite 1452
Vancouver, BC V6G 3B7
Item 2: Date of Material Change
May 30, 2025
Item 3: News Release
News releases disclosing the details of the material change were issued through newswire services on April 23, 2025, and May 30, 2025.
Item 4: Summary of Material Change
On May 30, 2025, Lancaster Resources Inc. (the "Company") closed the first tranche of its non-brokered private placement for gross proceeds of $400,000. The Company issued an aggregate of 20,000,000 units at a price of $0.02 per unit. Each unit consists of one common share and one common share purchase warrant, exercisable at $0.05 per warrant until May 30, 2028.
Proceeds from the private placement were used in part to fund the acquisition of the Lake Cargelligo Gold Project in New South Wales, Australia, pursuant to the terms of a definitive mineral claim purchase agreement dated April 22, 2025.
Item 5: Full Description of Material Change
The Company completed a non-brokered private placement (the "Offering") of 20,000,000 units at a price of $0.02 per unit for gross proceeds of $400,000. Each unit consists of one common share and one common share purchase warrant, exercisable to acquire one additional common share at a price of $0.05 for a period of 36 months, expiring on May 30, 2028. All securities issued under the Offering are subject to a hold period that expires on October 1, 2025.
The Offering was conducted pursuant to applicable prospectus exemptions under National Instrument 45-106. No finder's fees were paid in connection with the Offering.
The net proceeds of the Offering will be used for the acquisition and exploration of the Lake Cargelligo Gold Project, as well as for other exploration work, corporate overhead, and working capital.
Item 6: Reliance on subsection 7.1(2) of National Instrument 51-102
Not applicable.
Item 7: Omitted Information
No information has been omitted on the basis that it is confidential.
Item 8: Executive Officer
Andrew Watson
President and Chief Executive Officer and Director
Telephone: +1 (604) 923 6100
Item 9: Date of Report
June 6, 2025