Company sells two types of units at C$0.05 per unit through offering
By Devika Patel
Knoxville, Tenn., Aug. 13 – Red Pine Exploration Inc. said it completed a C$225,819 second tranche of a C$1 million private placement of units. The deal priced on July 2 and is being conducted on a best-efforts basis. The company raised C$139,971 on July 30.
Red Pine is selling units of one common share and one warrant at C$0.05 per unit and flow-through units of one flow-through common share and one half-share warrant at C$0.05 per unit.
Each whole warrant is exercisable at C$0.10 for three years. The strike price is a 100% premium to the June 30 closing price of C$0.05.
In the first tranche, the company sold 200,000 units and 2,599,417 flow-through units. It sold 4,516,372 flow-through units in the second tranche.
Proceeds will be used to define additional gold mineralization in both the hanging wall and footwall secondary structures of the Surluga Deposit and for exploration work on the Wawa Gold Project.
Red Pine is a gold explorer based in Ottawa.
| Issuer: | Red Pine Exploration Inc.
|
| Issue: | Units of one common share and one warrant, flow-through units of one flow-through common share and one half-share warrant
|
| Amount: | C$1 million
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| Price: | C$0.05
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| Warrant expiration: | Three years
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| Warrant strike price: | C$0.10
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| Pricing date: | July 2
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| Settlement dates: | July 30 (for C$139,971), Aug. 13 (for C$225,819)
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| Stock symbol: | TSX Venture: RPX
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| Stock price: | C$0.05 at close June 30
|
| Market capitalization: | C$2.58 million
|
|
|
| Units
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| Warrants: | One warrant per unit
|
|
|
| Flow-through units
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| Warrants: | One half-share warrant per unit
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