Proceeds to be used for general working capital needs
By Melissa Kory
Cleveland, Feb. 14 - Ram Resources Ltd. said it plans to raise up to A$1 million in a private placement of shares.
The company will sell up to 50 million ordinary shares at A$0.02 per share, a 9.09% discount to the Feb. 14 closing share price of A$0.022.
Every share subscribed for has a free attaching listed option exercisable at A$0.03 on or before March 30, 2012.
The placement will be completed in tranches with up to 25 million, or 50%, of the free attaching listed options issued. The remaining 25 million of the options will be issued subject to shareholder approval.
Indian Ocean Capital is the agent.
Proceeds will be used for general working capital.
Ram Resources is an Australian mineral resources company.
Issuer: | Ram Resources Ltd
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Issue: | Ordinary shares
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Amount: | Up to A$1 million
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Shares: | Up to 50 million
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Price: | A$0.02
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Warrants: | 50 million
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Warrant strike price: | A$0.03
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Warrant expiration: | March 30, 2012
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Agent: | Indian Ocean Capital
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Pricing date: | Feb. 14
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Stock symbol: | Australia: RMR
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Stock price: | A$0.022 at close Feb. 14
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Market capitalization: | A$11.5 million
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