Dundee Resources invests C$1 million; IBK, Dundee Capital are agents
By Devika Patel
Knoxville, Tenn., May 31 - Rencore Resources Ltd. said it settled a C$1.85 million private placement of units via agents IBK Capital Corp. and Dundee Capital Markets. The deal priced for C$2 million on April 12.
The company sold 7,551,021 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. bought 4,081,633 units for C$1 million.
Proceeds will be used for general working capital and for exploration on the company's properties outside of the Rencore ROF Project.
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$1.85 million
|
| Units: | 7,551,021
|
| 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: | May 31
|
| Stock symbol: | CNSX: RNC
|
| Stock price: | C$0.26 at close April 11
|
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