Company sells 64 million units of one share and one warrant at C$0.05
By Devika Patel
Knoxville, Tenn., July 3 - Red Crescent Resources Ltd. said it increased a private placement of units with Link Investment & Consulting LLP to C$3.2 million from C$3 million. The deal priced June 26.
The company will now sell 64 million units of one common share and one warrant at C$0.05 per unit.
Each warrant will be exercisable at C$0.07 for three years. The strike price is a 16.67% premium to the June 25 closing share price, C$0.06.
In addition, the company may issue up to 2 million more units to Link and other creditors to pay off about C$100,000 of debt owed to them.
Proceeds will be used to advance the cash generating capability of the Hakkari project and for general corporate purposes.
Red Crescent is a copper, nickel and gold exploration company based in Toronto.
| Issuer: | Red Crescent Resources Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$3.2 million
|
| Units: | 64 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.07
|
| Investor: | Link Investment & Consulting LLP
|
| Pricing date: | June 26
|
| Upsized: | July 3
|
| Stock symbol: | Toronto: RCB
|
| Stock price: | C$0.06 at open June 25
|
| Market capitalization: | C$6.61 million
|
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