Deal consists of two types of units with four-year attached warrants
By Devika Patel
Knoxville, Tenn., Dec. 19 - Red Pine Exploration Inc. said it completed a C$1.6 million private placement of units. The oversubscribed deal was conducted on a best-efforts basis by IBK Capital Corp. and priced for C$1.3 million on Dec. 2.
The company sold 6.65 million non flow-through units of one common share and one warrant at C$0.05 per unit and 25.35 million flow-through units of one flow-through common share and one warrant at C$0.05 per unit.
The warrants are each exercisable at C$0.05 for four years. The strike price is a 25% premium to the Nov. 30 closing share price of C$0.04.
Proceeds will be used for a drill program on the Cayenne-Chili Property in Northern Ontario, exploration and working capital.
Red Pine is a gold explorer based in Ottawa, Ont.
| Issuer: | Red Pine Exploration Inc.
|
| Issue: | Non flow-through units of one common share and one warrant, flow-through units of one flow-through common share and one warrant.
|
| Amount: | C$1.6 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Four years
|
| Warrant strike price: | C$0.05
|
| Agent: | IBK Capital Corp.
|
| Pricing date: | Dec. 2
|
| Settlement date: | Dec. 19
|
| Stock symbol: | TSX Venture: RPX
|
| Stock price: | C$0.04 at close Nov. 30
|
| Market capitalization: | C$10.28 million
|
|
|
| Non flow-through units
|
| Amount: | C$332,500
|
| Units: | 6.65 million
|
|
|
| Flow-through units
|
| Amount: | C$1,267,500
|
| Units: | 25.35 million
|
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