By Devika Patel
Knoxville, Tenn., Dec. 11 - Ressources Appalaches Inc. announced it plans to conduct a private placement of units to raise C$1.11 million.
The company will sell 2.8 million units of one flow-through share and one half-share warrant at C$0.18 per unit to Northern Precious Metals for C$504,000. Each whole warrant will be exercisable at C$0.20 for 18 months.
The company also will sell 1,000 units at C$606 per unit to investors and employees for C$606,000. Each of these units consists of 2,700 flow-through common shares, 800 common shares and 2,000 warrants. Each of these warrants also will be exercisable at C$0.20 for 18 months.
The warrant strike price may change if the company's shares trade at C$0.35 or higher for 10 consecutive trading days. In that case, the warrants must be exercised within 10 business days of the company notifying holders or their strike price will be adjusted to C$0.30 for the remainder of their life.
Proceeds will be used for exploration.
Ressources Appalaches is a junior mineral exploration company based in Rimouski, Quebec.
| Issuer: | Ressources Appalaches Inc.
|
| Issue: | Northern Precious Metals units of one flow-through common share and one half-share warrant, units of 2,700 flow-through common shares, 800 common shares and 2,000 warrants
|
| Amount: | C$1.11 million
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.20
|
| Pricing date: | Dec. 11
|
| Stock symbol: | TSX Venture: APP
|
| Stock price: | C$0.135 at close Dec. 10
|
|
|
| Northern Precious Metals units
|
| Amount: | C$504,000
|
| Units: | 2.8 million
|
| Price: | C$0.18
|
| Warrants: | One half-share warrant per unit
|
| Investor: | Northern Precious Metals
|
|
|
| Units
|
| Amount: | C$606,000
|
| Units: | 1,000
|
| Price: | C$606
|
| Warrants: | One half-share warrant per unit
|
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