By Devika Patel
Knoxville, Tenn., May 1 - Red Lake Exploration, Inc. said it raised $1 million in a private placement of units which settled April 21.
The company sold 4 million units of one common share and one warrant at $0.25 apiece. The warrants are exercisable at $0.35 for two years.
Proceeds will be used to acquire the Farellon property, continue exploration of the Camila and Santa Rosa properties in the Candelaria IOCG belt of Chile's Coastal Cordillera and continue investigation of new properties.
Red Lake is engaged in the acquisition, exploration and development of natural resource properties with headquarters in Thunder Bay, Ont.
| Issuer: | Red Lake Exploration, Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $1 million
|
| Units: | 4 million
|
| Price: | $0.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.35
|
| Settlement date: | April 21
|
| Stock symbol: | OTCBB: RLKX
|
| Stock price: | $0.32 at close April 21
|
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