By Devika Patel
Knoxville, Tenn., May 11 - Redzone Resources Ltd. said it will conduct a non-brokered private placement of units for between C$2 million and C$4 million.
The company will sell between 5 million and 10 million units of one common share and one half-share warrant at C$0.40 per unit.
Each whole warrant will be exercisable at C$0.75 for one year.
Proceeds will be used for exploration as well as for general corporate expenses.
Redzone Resources, based in Vancouver, B.C., is a mineral resource exploration company.
| Issuer: | Redzone Resources Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2 million (minimum), C$4 million (maximum)
|
| Units: | 5 million (minimum), 10 million (maximum)
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.75
|
| Agent: | Non-brokered
|
| Pricing date: | May 11
|
| Stock symbol: | CNQ: REZ
|
| Stock price: | C$0.40 at close May 8
|
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