By Sheri Kasprzak
New York, July 19 - Rainy River Resources Ltd. said it plans to raise C$2.4 million in a private placement.
The non-brokered offering includes up to 4 million units at C$0.60 each.
The units consist of one share and one warrant. The warrants are exercisable for an additional share at C$0.90 each for one year.
The proceeds will be used for exploration on the company's Rainy River project and for working capital.
Based in Vancouver, B.C., Rainy River is a mineral exploration company.
| Issuer: | Rainy River Resources Ltd.
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| Issue: | Units of one share and one warrant
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| Amount: | C$2.4 million (maximum)
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| Units: | 4 million (maximum)
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| Price: | C$0.60
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| Warrants: | One warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.90
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| Pricing date: | July 19
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| Stock price: | C$0.63 at close July 19
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