By Devika Patel
Knoxville, Tenn., Aug. 24 - Revett Minerals Inc. completed a C$3.39 million non-brokered private placement of units on Aug. 24, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 12,094,368 units of one common share and one half-share warrant at C$0.28 apiece.
Each whole warrant is exercisable at C$0.35 for three years. The strike price represents a 25% premium to the closing share price of C$0.28 on Aug. 23.
Proceeds will be used for continuing exploration and development at the Troy Mine and for general working capital purposes.
Based in Spokane, Wash., Revett is a mineral exploration company focused on copper.
| Issuer: | Revett Minerals Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$3,386,423
|
| Units: | 12,094,368
|
| Price: | C$0.28
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.35
|
| Agent: | Non-brokered
|
| Settlement date: | Aug. 24
|
| Stock symbol: | Toronto: RVM
|
| Stock price: | C$0.28 at close Aug. 24
|
| Market capitalization: | C$36.18 million
|
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