By Sheri Kasprzak
New York, Feb. 28 - Redcorp Ventures Ltd. negotiated the terms of a C$9,999,990 private placement.
The deal includes up to 18,181,800 units at C$0.55 each.
The units consist of one share and one half-share warrant. The whole warrants are exercisable at C$0.70 each for one year.
The offering is being placed through a syndicate of agents led by Paradigm Capital Inc. and including Dundee Securities Corp. and Octagon Capital Corp.
The placement is set to close March 15.
Proceeds will be used for the development of the company's Tulsequah property in British Columbia. The rest will be used for exploration on the company's Lagoa Salgada property in Portugal and for general corporate purposes.
Based in Vancouver, B.C., Redcorp is a mineral exploration company.
| Issuer: | Redcorp Ventures Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$9,999,990
|
| Units: | 18,181,800
|
| Price: | C$0.55
|
| Warrants: | For one half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.70
|
| Placement agents: | Paradigm Capital Inc. (lead), Dundee Securities Corp., Octagon Capital Corp.
|
| Pricing date: | Feb. 28
|
| Settlement date: | March 15
|
| Stock symbol: | Toronto: RDV
|
| Stock price: | C$0.58 at close Feb. 27
|
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