By Devika Patel
Knoxville, Tenn., Oct. 17 - Raytec Development Corp. said it has arranged a private placement of units to raise C$1 million.
The company will sell 1,818,181 units at C$0.55 apiece. Each unit consists of one flow-through common share and one non-transferable warrant. Each warrant is exercisable into one non flow-through common share at C$0.85 for two years.
MineralFields Group will be the agent.
The company will pay Limited Market Dealer Inc. a finder's fee of C$50,000 in cash and a due diligence fee of C$40,000. Limited Market will also receive a non-transferable share purchase warrant exercisable for up to 163,636 common shares at C$0.55 for two years.
Proceeds will be used for exploration.
Based in Vancouver, B.C., Raytec is a mineral exploration and development company with current properties in the Key Lake area of the Athabasca Basin, Saskatchewan.
| Issuer: | Raytec Development Corp.
|
| Issue: | Units of one flow-through common share and one non-transferable warrant
|
| Amount: | C$1 million
|
| Units: | 1,818,181
|
| Price: | C$0.55
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.85
|
| Agent: | MineralFields Group
|
| Fees: | C$50,000 in cash; C$40,000 due diligence fee; warrant for up to 163,636 shares
|
| Pricing date: | Oct. 17
|
| Stock symbol: | TSX Venture: RAY
|
| Stock price: | C$0.61 at close Oct. 16
|
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