By Susanna Moon
Chicago, June 8- Red Hill Energy Inc. closed a C$2.44 million private placement of 2.44 million units priced at C$1 each, according to a press release.
Each unit comprises one common share and one-half of one share purchase warrant.
Each whole purchase warrant allows holders to acquire an additional common share at a price of C$1.25 per share for two years.
The placement securities are subject to a holding period expiring on Oct. 1.
Proceeds will be used for marketing and for the company's Mongolian project.
Red Hill is a resource exploration company based in Vancouver, B.C.
Issuer Red Hill Energy Inc.
| Issue: | Units of one common share and one-half of one purchase warrant
|
| Amount: | C$2.44 million
|
| Units: | 2.44 million
|
| Price: | C$1
|
| Warrants: | Half a share per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.25
|
| Agent: | Non-brokered
|
| Announcement date: | June 8
|
| Stock symbol: | TSXV: RH
|
| Stock price: | C$1.02 at close June 7
|
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