By Jennifer Chiou
New York, Oct. 7 - Red Dragon Resources Corp. said it plans to sell up to C$3 million of units in a private placement.
Regent Mercantile Bancorp Inc. is the agent for the best-efforts transaction.
The deal includes up to 5 million units at C$0.60 apiece.
Units consist of either one share or one flow-through share and a one-half share purchase warrant.
Whole warrants allow for an additional share at $0.75 each for one year.
Proceeds will go towards expenditures on Red Dragon's Canadian exploration projects in Saskatchewan and Alberta as well as for further exploration and general corporate purposes.
Based in Vancouver, B.C., Red Dragon is a mineral exploration company involved in metal and uranium exploration in Canada and China.
| Issuer: | Red Dragon Resources Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$3 million (maximum)
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| Units: | 5 million (maximum)
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| Price: | C$0.60
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.75
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| Agent: | Regent Mercantile Bancorp Inc.
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| Pricing date: | Oct. 7
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| Stock price: | C$0.60 at close Oct. 6
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