Non-brokered offering sells 32.7 million common shares at C$0.05 each
By Devika Patel
Knoxville, Tenn., Aug. 14 – Red Tiger Mining Inc. said it will conduct a C$1.64 million non-brokered private placement of stock with Gerald Metals SA and insiders.
The company will sell 32.7 million common shares at C$0.05 apiece. The price per share is a 66.67% premium to the Aug. 13 closing share price of C$0.03.
Proceeds will be used to recommence mining operations.
The company also said it has restructured its senior secured loan and its subordinate secured loan so that Gerald Metals has acquired the senior loan and will provide an additional $1.5 million working capital facility.
Red Tiger is a copper and gold producer based in Toronto.
| Issuer: | Red Tiger Mining Inc.
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| Issue: | Common shares
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| Amount: | C$1,635,000
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| Shares: | 32.7 million
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| Price: | C$0.05
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| Warrants: | No
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| Agent: | Non-brokered
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| Investor: | Gerald Metals SA
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| Pricing date: | Aug. 14
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| Stock symbol: | TSX Venture: RMN
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| Stock price: | C$0.03 at close Aug. 13
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| Market capitalization: | C$3.04 million
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