Company to sell 22 million shares at C$0.20 each to Rathdowney
By Toni Weeks
San Diego, July 9 - Heatherdale Resources Ltd. said it arranged a C$4.4 million private placement of stock with investor Rathdowney Resources Ltd.
The company is selling 22 million shares at C$0.20 per share, which is a 33.33% premium to the closing share price of C$0.15 on July 6.
After the placement is completed, Rathdowney will own about 18.4% of Heatherdale's shares and will have the right to nominate two individuals for election to Heatherdale's board of directors as long as Rathdowney retains at least a 10% interest in the company.
Proceeds will be used to advance drilling and engineering studies at the Niblack Project and for general corporate and working capital purposes.
Vancouver, B.C.-based Heatherdale is a metals exploration and development company.
| Issuer: | Heatherdale Resources Ltd.
|
| Issue: | Common shares
|
| Amount: | C$4.4 million
|
| Shares: | 22 million
|
| Price: | C$0.20
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investor: | Rathdowney Resources Ltd.
|
| Pricing date: | July 9
|
| Stock symbol: | TSX Venture: HTR
|
| Stock price: | C$0.15 at close July 6
|
| Market capitalization: | C$16.58 million
|
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