By Sheri Kasprzak
New York, July 28 - Reese Corp. completed a private placement of units for $1.5 million.
The company sold 750,000 units at $2.00 each.
The units included one share and one warrant. Each warrant is exercisable at $3.50 through Jan. 31, 2007.
The deal was not brokered.
Proceeds will be used for drilling on the company's El Tiliche project in Mexico.
Reese, based in Ottawa, is a gold and precious metals exploration company.
| Issuer: | Reese Corp.
|
| Issue: | Units of one share and one warrant
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| Amount: | $1.5 million
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| Units: | 750,000
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| Price: | $2.00
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| Warrants: | One warrant per unit
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| Warrant expiration: | Jan. 31, 2007
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| Warrant strike price: | $3.50
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| Placement agent: | Non-brokered
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| Settlement date: | July 28
|
| Stock symbol: | OTCBB: RESE
|
| Stock price: | $1.50 at close July 28
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