New Issue: Red Hill Energy wraps C$3.11 million private placement of equity units

By Devika Patel

Knoxville, Tenn., March 31 - Red Hill Energy Inc. said it raised C$3.11 million in a non-brokered private placement of units. The deal priced March 25.

The company sold 5,463,158 units of one common share and one warrant at C$0.57 per unit. The warrants are exercisable at C$0.71 until March 31, 2012.

Proceeds will be used at the company's Ulaan Ovoo coal project as well as for exploration programs on its other coal assets 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 common share and one warrant
Amount:	C$3,114,000
Units:	5,463,158
Price:	C$0.57
Warrants:	One warrant per unit
Warrant expiration:	March 31, 2012
Warrant strike price:	C$0.71
Agent:	Non-brokered
Pricing date:	March 25
Settlement date:	March 31
Stock symbol:	TSX Venture: RH
Stock price:	C$0.74 at close March 25
Market capitalization:	C$40.9 million

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