Deal brokered by D&D Securities; proceeds earmarked for exploration
By Devika Patel
Knoxville, Tenn., Jan. 6 - REC Minerals Corp. said it plans a private placement of units. The deal will raise C$4 million.
The company will sell 26,666,667 units of one common share and one half-share warrant at C$0.15 apiece on a best-efforts basis via agent D&D Securities Inc.
Each whole warrant is exercisable at C$0.30 for two years. The strike price is a 150% premium to the Jan. 5 closing share price of C$0.12.
Settlement is expected Feb. 4.
Proceeds will be used to explore the company's Canadian properties and for working capital purposes.
The precious and base metals and uranium explorer is based in Toronto.
| Issuer: | REC Minerals Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$4 million
|
| Units: | 26,666,667
|
| Price: | C$0.15
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
| Agents: | D&D Securities Inc.
|
| Pricing date: | Jan. 6
|
| Settlement date: | Feb. 4
|
| Stock symbol: | TSX Venture: REC
|
| Stock price: | C$0.12 at close Jan. 6
|
| Market capitalization: | C$1.91 million
|
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