New York, Nov. 23 - Redport Ltd. said it has agreed terms for an A$8 million private placement of common stock.
The company will issue 100 million shares at A$0.08 each. Investors will also receive 25 million warrants, exercisable at A$0.12 through June 30, 2008.
Cartesian Capital is lead manager for the sale, which will be placed with professional investors.
Proceeds will be used for working capital and to explore at Lake Maitland.
Based in Millers Point, New South Wales, Australia, Redport is a uranium mining company.
| Issuer: | Redport Ltd.
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| Issue: | Stock
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| Amount: | A$8 million
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| Shares: | 100 million
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| Price: | A$0.08
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| Warrants: | For 25 million shares
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| Warrant exercise price: | A$0.12
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| Warrant expiration: | June 30, 2008
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| Manager: | Cartesian Capital
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| Announcement date: | Nov. 24
|
| Stock price: | A$0.088 at close Nov. 23
|
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