Dundee Resources invests C$1 million; IBK, Dundee Capital are agents
By Devika Patel
Knoxville, Tenn., April 12 - Rencore Resources Ltd. said it plans a C$2 million private placement of units via agents IBK Capital Corp. and Dundee Capital Markets.
The company will sell 8,163,265 units at C$0.245 apiece on a best-efforts basis. The units consist of one common share and one half-share warrant. Each whole warrant will be exercisable at C$0.41 for two years. The strike price reflects a 57.69% premium to the April 11 closing share price of C$0.26.
Dundee Resources Ltd. will buy 4,081,633 units for C$1 million.
Settlement is expected April 29.
Proceeds will be used for general working capital and for exploration on the company's properties outside of the Rencore ROF Project.
The company also announced an earn-in joint venture agreement with Dundee on all of Rencore's claims in the Ring of Fire. Dundee will earn a 33% interest in Rencore's Ring of Fire activities by financing C$2.5 million of exploration work.
The Toronto company explores for diamonds, magmatic nickel, copper and platinum group elements.
| Issuer: | Rencore Resources Ltd.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$2 million
|
| Units: | 8,163,265
|
| Price: | C$0.245
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.41
|
| Agents: | IBK Capital Corp. and Dundee Capital Markets
|
| Investor: | Dundee Resources Ltd. (for C$1 million)
|
| Pricing date: | April 12
|
| Settlement date: | April 29
|
| Stock symbol: | CNSX: RNC
|
| Stock price: | C$0.26 at close April 11
|
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