By Sheri Kasprzak
New York, March 15 - Rainy River Resources Ltd. said it has negotiated a private placement for up to C$10,021,400.
The company will sell, through agent Canaccord Capital Corp., up to 1,482,000 flow-through shares at C$2.70 apiece and up to 2.8 million non flow-through shares at C$2.15 each.
The non flow-through shares are priced at a 10.4% discount to the company's closing stock price of C$2.40 on March 14.
The agent has a greenshoe for up to 10% of the offering size, comprised of either flow-through or non flow-through shares.
Proceeds will be used for exploration on the company's Rainy River project in Ontario.
Based in Vancouver, B.C., Rainy River is a gold exploration company.
| Issuer: | Rainy River Resources Ltd.
|
| Issue: | Flow-through and non flow-through shares
|
| Amount: | C$10,021,400 (maximum)
|
| Greenshoe: | For 10% of the offering size
|
| Placement agent: | Canaccord Capital Corp.
|
| Pricing date: | March 14
|
| Stock symbol: | TSX Venture: RR
|
| Stock price: | C$2.40 at close March 14
|
|
|
| Flow-through shares
|
| Shares: | 1,482,000 (maximum)
|
| Price: | C$2.70
|
| Warrants: | No
|
|
|
| Non flow-through shares
|
| Shares: | 2.8 million (maximum)
|
| Price: | C$2.15
|
| Warrants: | No
|
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