By Devika Patel
Knoxville, Tenn., June 16 - Red Hill Energy Inc. said it has arranged a C$2.28 million non-brokered private placement of units.
The company will sell 3.5 million units at C$0.65 apiece. Each unit consists of one common share and one half-share warrant. Each whole warrant is exercisable at C$0.90 for two years.
Proceeds will be applied to the company's pre-feasibility study on its northern Mongolian Ulaan Ovoo coal project as well as to exploration programs on its other coal assets in addition to general working capital.
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-share warrant
|
| Amount: | C$2,275,000
|
| Units: | 3.5 million
|
| Price: | C$0.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.90
|
| Underwriters: | Non-brokered
|
| Pricing date: | June 16
|
| Stock symbol: | TSX Venture: RH
|
| Stock price: | C$0.64 at close June 13
|
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