The corporate finance subsidiary of Bermuda-based LOM (Holdings) Limited will provide corporate finance advisory, structuring and general consulting services in connection with the private placement of mineral exploration company Goldcrest Resources Ltd. Goldcrest has agreed to pay to LOM Capital Ltd. up to CDN$126,000 and has granted LOM the right to purchase up to 720,000 units.

The non-brokered private placement is for 12 million units at a price of CDN$0.175 per unit for gross proceeds of up to CDN$2.1 million, the TSX Venture Exchange listed company said. The proceeds of the financing will be used for ongoing exploration programmes at its Youanmi project in Western Australia and its Malba and Kampti projects in Burkina Faso, West Africa.

Goldcrest said in a statement yesterday that it plans to grow shareholder value through these projects ? its Western Australian project already boasts a complete infrastructure and has already produced 670,000 ounces of gold.

Goldcrest Resources Ltd. currently has 42,921,898 common shares outstanding and 54,763,740 common shares on a fully diluted basis. Completion of the private placement is subject to regulatory approvals and consents.