Proceeds earmarked for diamond drill testing around the Ring of Fire
By Devika Patel
Knoxville, Tenn., Dec. 30 - Rencore Resources Ltd. said it plans a private placement of units through agent IBK Capital Corp. The deal priced for C$3.6 million on Dec. 7 and will be conducted on a best-efforts agency basis. The first tranche settled for C$231,300.
The company is selling 6.5 million flow-through units of one common share and one half-share warrant at C$0.40 per unit for C$2.6 million. It also is selling 2,857,142 units of one common share and one warrant at C$0.35 per unit for C$1 million.
Each whole two-year warrant will be exercisable at C$0.45. The strike price reflects a 21.62% premium to the Dec. 6 closing share price of C$0.37.
In the first tranche, Rencore sold 278,000 units and 335,000 flow-through units.
Proceeds will be used for diamond drill testing of Rencore's geophysical anomalies located around the Ring of Fire area of the James Bay lowlands, exploration of the company's Nipigon Project and Lizar gold and base metals property, additional VTEM airborne geophysical surveys and general corporate purposes.
The Toronto company explores for diamonds, magmatic nickel, copper and platinum group elements.
| Issuer: | Rencore Resources Ltd.
|
| Issue: | Flow-through units of one flow-through common share and one half-share warrant, units of one common share and one warrant
|
| Amount: | C$3.6 million
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.45
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 7
|
| Settlement date: | Dec. 30 (for C$231,300)
|
| Stock symbol: | CNSX: RNC
|
| Stock price: | C$0.37 at close Dec. 6
|
|
|
| Flow-through units
|
| Amount: | C$2.6 million
|
| Units: | 6.5 million
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
|
|
| Units
|
| Amount: | C$1 million
|
| Units: | 2,857,142
|
| Price: | C$0.35
|
| Warrants: | One warrant per unit
|
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