Gold explorer sells units of flow-through shares, half-share warrants
By Devika Patel
Knoxville, Tenn., Feb. 22 - Red Pine Exploration Inc. said it settled the second and final tranche of a non-brokered private placement of units. The company raised C$350,000 on Feb. 3 and raised C$740,000 in this tranche for a total of C$1.09 million.
The company sold 10.9 million units of one flow-through common share and one half-share warrant at C$0.10 per unit. It sold 3.5 million units in the first tranche and 7.4 million units in the second.
Each whole warrant will be exercisable at C$0.25 for two years. The strike price represents a 212.5% premium to the Feb. 2 closing share price of C$0.08.
MineralFields Group invested C$450,000.
Proceeds will be used for exploration expenditures.
Red Pine is a gold explorer based in Ottawa.
| Issuer: | Red Pine Exploration Inc.
|
| Issue: | Units of one flow-through common share and one half-share warrant
|
| Amount: | C$1.09 million
|
| Units: | 10.9 million (3.5 million in the first tranche, 7.4 million in the second tranche)
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Agent: | Non-brokered
|
| Investor: | MineralFields Group (for C$450,000)
|
| Settlement dates: | Feb. 3 (for C$350,000), Feb. 22 (for C$740,000)
|
| Stock symbol: | TSX Venture: RPX
|
| Stock price: | C$0.08 at close Feb. 3
|
| Market capitalization: | C$10.61 million
|
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