By Laura Lutz
Des Moines, March 29 - Red Hill Energy Inc. increased the size of its private placement of units to C$6 million from C$4.4 million.
The company now plans to sell 7.5 million units, up from 5.5 million when the deal priced on March 12.
Each unit will be priced at C$0.80 and consist of one share and one half-share warrant. Each whole warrant will be exercisable for two years, at C$1.00 in the first year and at C$1.25 in the second year.
Proceeds of the non-brokered deal will be used for exploration on the company's Mongolian coal properties and for general working capital.
Red Hill is a resource exploration company based in Vancouver, B.C.
| Issuer: | Red Hill Energy Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$6 million
|
| Units: | 7.5 million
|
| Price: | C$0.80
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.00 in the first year; C$1.25 in the second year
|
| Agent: | Non-brokered
|
| Pricing date: | March 12
|
| Upsized: | March 29
|
| Stock symbol: | TSX Venture: RH
|
| Stock price: | C$0.85 at close March 12
|
| Stock price: | C$1.00 at close March 29
|
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