Lignol Energy Corporation (TSXV:LEC) announced a private placement on a best effort basis of 26,666,667 units at a price of CAD 0.15 per unit for aggregate gross proceeds of up to CAD 4,000,000 on November 16, 2012. Each unit will comprise of one common share and one-half of one common share purchase warrant. Each whole warrant will allow the subscriber to purchase one additional common share for a period of two years from the date of closing at an exercise price of CAD 0.20 per share. Canaccord Genuity Corp., Global Securities Corporation, and Haywood Securities Inc served as agents to the transaction. The company has granted the agent an option to offer up to an additional 6,666,667 units of the company, at the issue price, for additional gross proceeds of up to CAD 1,000,000, exercisable in whole or in part at any time up to 48 hours prior to the closing of the transaction.

It is expected that insiders of the company will subscribe for greater than 25% of the issue. The transaction is subject approval from the TSX venture exchange and is expected to close on December 7, 2012.