Offering sells 29,688,095 shares to Liberty Metals at C$0.38 per share
By Devika Patel
Knoxville, Tenn., April 19 – Red Eagle Mining Corp. said it raised C$7.67 million in the first tranche of a C$11.28 million non-brokered private placement of stock. The deal priced on April 15.
The company is selling 29,688,095 common shares at C$0.38 each to Liberty Metals & Mining Holdings LLC. The price per share is a 26.92% discount to the April 14 closing share price of C$0.38. The investor bought 20,188,095 shares in the initial tranche and will buy 9.5 million shares in the second tranche for C$3.61 million.
Proceeds will be used for exploration drilling of the Santa Rosa Gold Project and CB Gold Inc.’s 2016 work program at the Vetas Gold Project.
Red Eagle is a gold exploration and development company based in Vancouver, B.C.
| Issuer: | Red Eagle Mining Corp.
|
| Issue: | Common shares
|
| Amount: | C$11,281,476
|
| Shares: | 29,688,095
|
| Price: | C$0.38
|
| Warrants: | No
|
| Investor: | Liberty Metals & Mining Holdings LLC
|
| Pricing date: | April 15
|
| Settlement date: | April 19 (for C$7,671,476)
|
| Stock symbol: | TSX Venture: RD
|
| Stock price: | C$0.52 at close April 14
|
| Market capitalization: | C$51.75 million
|
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