By Devika Patel
Knoxville, Tenn., April 10 - High Ridge Resources Inc. said it settled a third and final tranche of a non-brokered private placement of units, raising C$712,500. The company has raised a total of C$2.69 million.
The deal priced for C$3 million on Dec. 24 and the company took in C$830,700 in the first tranche on Feb. 21. It pocketed C$1.14 million in the second tranche on March 17.
In the first tranche, High Ridge sold 2,769,000 units at C$0.30 per unit and paid a finder's fee of C$61,656 in cash and 156,000 finder's warrants, which are exercisable at C$0.30 for 18 months.
In the second tranche, the company sold 3,807,000 units and paid a finder's fee of C$87,768 in cash and 127,000 finder's warrants, which are exercisable at C$0.45 for 18 months.
In this tranche, High Ridge sold 2,375,000 units and paid a finder's fee of C$49,800 in cash and 194,500 finder's warrants, which are exercisable at C$0.45 for 18 months.
The units consist of one share and one half-share warrant. Each warrant will be exercisable at C$0.45 for 18 months.
The company planned to sell up to 10 million units. Instead, it sold 8,951,000 units total.
Proceeds will be used for working capital and for exploration.
High Ridge is a mineral exploration company based in Vancouver, B.C.
| Issuer: | High Ridge Resources Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$2,685,300
|
| Units: | 8,951,000
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.45
|
| Agent: | Non-brokered
|
| Fees: | C$199,224, 477,500 warrants
|
| Pricing date: | Dec. 24
|
| Settlement date: | Feb. 21 (for C$830,700), March 17 (for C$1,142,100), April 10 (for C$49,800)
|
| Stock symbol: | TSX Venture: HRR
|
| Stock price: | C$0.28 at close Dec. 24
|
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