La Quinta Closes First Tranche of Non Brokered Private Placement
LA QUINTA RESOURCES CORPORATION 400 – 409 Granville Street, Vancouver, BC V6C 1T2
No.10-17 LAQ: TSX-V NEWS RELEASE SEC 12G file#82-35061
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES
LA QUINTA CLOSES FIRST TRANCHE OF NON BROKERED PRIVATE PLACEMENT
Vancouver, B.C. October 22, 2010 - La Quinta Resources Corporation (“La Quinta” or “The Company”) La Quinta Resources Corporation (TSXV: LAQ, the "Company") is pleased to announce the closing of the first tranche of a nonbrokered private placement announced October 12, 2010. A total of 4,200,000 Units were placed in this first tranche for proceeds of $210,000. The placement is intended to raise the minimum of $300,000 through the sale of a 6 million units at the price of $0.05 and consisting of one share and one warrant; each warrant exercisable at a price of $0.10 any time up to six (6) month period following the closing of the Private Placement (the "Closing") and at price of $0.15 for a subsequent six (6) month period. The company will use the funds for its ongoing drilling program at Easter Property, Nevada and for general working capital.
Eight percent (8%) finder’s fees will be paid to accredited brokers or financial institutions. Eight percent (8%) finder’s fee warrants will also be granted to accredited brokers or financial institutions at an exercise price of $0.10 any time up to six (6) month period following the closing of the Private Placement (the "Closing") and at price of $0.15 for a subsequent six (6) month period.
The private placement is subject to documentation, regulatory approval and applicable hold period in accordance with the TSX.
This press release is not intended for U. S. distribution and does not constitute an offer to sell or solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to a U.S. Person unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About La Quinta Resources Corporation
La Quinta is a junior precious metals exploration company actively seeking mineral opportunities for the benefit of our stakeholders. Currently the Company is focused on exploring for gold and silver on its Easter Project and Black Jack properties in Nevada. The Easter Project is underlain by an epithermal quartz-adularia vein stockwork system hosted within Tertiary volcanic rocks of the Caliente Caldron Complex of southeastern Nevada. Numerous drill programs were conducted over the past 27 years by several operators. The resultant 121 holes were used to outline a 43-101 compliant resource of 2.6 million tons at 1.3 g/t gold (0.038 oz/t) and 14 g/t silver (0.4 oz/t) within an area of gold mineralization with a strike length of at least 6,450 feet and drill-defined widths up to 90 feet. Significant prior intercepts include up to 0.194 oz. Au / ton over 90 feet (including 0.549 oz. Au / ton over 15 feet) and 0.084 oz. / ton over 110 feet (including 0.534 oz. Au / ton over 5 feet). The Black Jack property, an early-stage exploration target in NE Nevada, consists of old mine workings that contain silver- gold-base metals veins hosted in Ordovician limestones that overlie nearby Cambrian shale. No resource has been identified on this property.
On behalf of the board Glen Watson CEO and Director
La Quinta Resources Corp.
1(604) 803-5229 / 1(604) 684-4653 - Email: [email protected] - Web Site: www.laquintaresources.com
“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.” This document includes forward- looking statements. When used in this document, the words “potential”, “plan”, ”could”, “estimate”, “expect”, “intend”, “may”, “should”, and similar expressions are intended to be among the statements that identify forward-looking statements. Although La Quinta believes that their expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.