Long Run Exploration Ltd. says that due to current market conditions, Long Run has amended the terms of its previously announced private placement with Maple Marathon Investments Limited (Maple Marathon) and MIE Holdings Corporation (MIE) and commenced a formal asset rationalization program. The amended terms of the private placement along with the asset rationalization program ensure that the Company has maximum flexibility to consider options available to accomplish debt reduction while maximizing stakeholder value.

Long Run, Maple Marathon and MIE have entered into an amended and restated investment agreement (the "Amended Investment Agreement") pursuant to which Long Run will issue to Maple Marathon, by way of private placement (the "Private Placement"), 125,000,000 units (Units) at an issue price of $0.80 per Unit for gross proceeds of approximately $100 million. The proceeds from the Private Placement will be used for debt reduction.

Tags: Long Run Exploration Ltd.