Non-brokered offering replaces earlier, brokered C$4 million financing
By Devika Patel
Knoxville, Tenn., Feb. 7 - REC Minerals Corp. said it plans a non-brokered private placement of units. The deal will raise C$1 million and replaces an earlier, C$4 million brokered offering which was being conducted by D&D Securities Inc. and priced Jan. 6.
The company will sell 6,666,667 units of one common share and one half-share warrant at C$0.15 apiece.
Each whole warrant is exercisable at C$0.30 for two years. The strike price is a 106.9% premium to the Feb. 4 closing share price of C$0.145.
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$1 million
|
| Units: | 6,666,667
|
| Price: | C$0.15
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
| Agents: | Non-brokered
|
| Pricing date: | Feb. 7
|
| Stock symbol: | TSX Venture: REC
|
| Stock price: | C$0.145 at close Feb. 4
|
| Market capitalization: | C$2.4 million
|
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