Investor Silver Wheaton participates to maintain 16.4% shareholding
By Devika Patel
Knoxville, Tenn., Sept. 1 - Revett Minerals Inc. said that Silver Wheaton has invested C$685,540 as part of a non-brokered private placement of units to maintain its 16.4% shareholding in the company. The company raised C$3.39 million in the deal on Aug. 24.
The company sold 12,094,368 units of one common share and one half-share warrant at C$0.28 per unit in the placement. Silver Wheaton bought 2,448,358 units at the same price.
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, in particular, acceleration of the exploration of the extensive land position in the immediate mine area, and for general working capital purposes.
"We welcome Silver Wheaton's ongoing support as an important and strategic shareholder," president and chief executive officer John Shanahan stated. "This subscription will support our efforts to accelerate exploration at the Troy Mine through the remainder of 2010 and into 2011 as we continue our focus on advancing the Rock Creek project."
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$4,071,963
|
| Units: | 14,542,726
|
| Price: | C$0.28
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.35
|
| Agent: | Non-brokered
|
| Investor: | Silver Wheaton (for C$685,540)
|
| Settlement date: | Aug. 24 (C$3,386,423), Sept. 1 (for C$685,540)
|
| Stock symbol: | Toronto: RVM
|
| Stock price: | C$0.28 at close Aug. 24
|
| Market capitalization: | C$40.12 million
|
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