By Sheri Kasprzak
New York, Nov. 1 - Red Dragon Resources Corp. said it completed a private placement of units for C$3,006,000.
The company issued 5,009,999 flow-through units at C$0.60 each.
The units are comprised of one flow-through share and one half-share warrant. The whole warrants allow for the purchase of another share at C$0.75 each for one year.
Insiders of the company purchased more than half of the units.
The deal was first announced Oct. 7 as including 5 million units under the same terms, but was upsized to C$3.5 million on Oct. 14.
Regent Mercantile Bancorp Inc. was the placement agent.
Proceeds from the flow-through shares will be used for Canadian exploration expenses and the rest will be used for general corporate purposes.
Based in Vancouver, B.C., Red Dragon is a mineral exploration company.
| Issuer: | Red Dragon Resources Corp.
|
| Issue: | Units of one flow-through or non flow-through share and one half-share warrant
|
| Amount: | C$3,006,000
|
| Units: | 5,009,999
|
| Price: | C$0.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.75
|
| Placement agent: | Regent Mercantile Bancorp Inc.
|
| Pricing date: | Oct. 7
|
| Upsized: | Oct. 13
|
| Settlement date: | Nov. 1
|
| Stock price: | C$0.60 at close Oct. 7
|
| Stock price: | C$0.57 at close Oct. 13
|
| Stock price: | C$0.50 at close Nov. 1
|
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