New York, May 24 - Resource Finance & Investment Ltd. said it completed a $1.056 million private placement of stock.
The Geneva, Switzerland-based mineral development company sold shares to European investors at a price of $0.22 each.
For each share purchased, buyers also received a warrant for half a share. The warrants run for two years and two warrants are exercisable for one common share at a price of $0.30.
Resource Finance will use proceeds to fund second-stage exploration of its Cadillac West gold and base metal project in Quebec and the purchase of a wet separation pilot plant for the Oregon Resources Corp. mineral sands project.
| Issuer: | Resource Finance & Investment Ltd.
|
| Issue: | Common shares
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| Amount: | $1.056 million
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| Shares: | 4,800,000
|
| Price: | $0.22
|
| Warrants: | For 2,400,000 shares
|
| Warrant exercise price: | $0.30
|
| Warrant term: | Two years
|
| Announcement date: | May 24
|
| Stock price: | $0.27 at close May 23
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