Non-brokered deal funds working capital; units sold at C$0.40 apiece
By Devika Patel
Knoxville, Tenn., Sept. 27 - Red Tiger Mining Inc. said it raised $1.96 million in the first tranche of a $2.5 million non-brokered private placement. The deal is being conducted with insiders and priced on Sept. 17.
The company is selling units of one common share and one warrant at C$0.40 per unit. It sold 4,905,000 units in the initial tranche.
The warrants are each exercisable at C$0.60 for three years. The strike price reflects a 33.33% premium to the Sept. 14 closing share price of C$0.45.
Proceeds will be used for working capital.
Red Tiger is a copper and gold producer based in Toronto.
| Issuer: | Red Tiger Mining Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $2.5 million
|
| Price: | C$0.40
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.60
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 17
|
| Settlement date: | Sept. 27 (for $1,962,000)
|
| Stock symbol: | TSX Venture: RMN
|
| Stock price: | C$0.45 at close Sept. 14
|
| Market capitalization: | C$27.68 million
|
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