Resource Finance names IBK Capital agent for $2 million private placement

By Sheri Kasprzak

Atlanta, Oct. 18 - Resource Finance & Investment said it has chosen IBK Capital Corp. to act as agent in its planned $2 million private placement.

The structure of the deal will be announced in the coming weeks as the company's board meets with IBK Capital, according to a Resource Finance statement.

The $2 million will be used for the commercial development of the company's Oregon Mineral Sands project and the second-stage exploration of the Cadillac West gold and base metal project. The money will also be used for working capital.

The company financed the first phase of its Cadillac West project through a private placement of $648,000 in August. In that deal, restricted shares were sold to mostly European investors.

Resource Finance & Investment is based in Geneva, Switzerland, and conducts exploration and development of mineral deposits. The company's stock closed down $0.02 Monday at $0.29.

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