Non-brokered offering sells 32.2 million common shares at C$0.05 each
By Devika Patel
Knoxville, Tenn., Oct. 16 – Red Tiger Mining Inc. said it raised C$793,167 in the first tranche of a C$1.61 million non-brokered private placement of stock with Gerald Metals SA and insiders. The deal priced for C$1.64 million on Aug. 14 but has since been decreased.
The company is selling 32.2 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. It sold 15,863,336 shares in the first tranche and will sell 16,336,664 shares in the second.
Proceeds will be used to recommence mining operations.
Red Tiger is a copper and gold producer based in Toronto.
| Issuer: | Red Tiger Mining Inc.
|
| Issue: | Common shares
|
| Amount: | C$1.61 million
|
| Shares: | 32.2 million
|
| Price: | C$0.05
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investors: | Gerald Metals SA and insiders
|
| Pricing date: | Aug. 14
|
| Settlement date: | Oct. 16 (for C$793,167)
|
| Stock symbol: | TSX Venture: RMN
|
| Stock price: | C$0.03 at close Aug. 13
|
| Market capitalization: | C$3.04 million
|
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