Deal funds development at Troy mine, permitting of Rock Creek project
By Devika Patel
Knoxville, Tenn., March 26 - Revett Mining Co. Inc. said it settled the initial $1.8 million tranche of a $3.43 million private placement of units.
The company is selling 4,399,100 units of one common share and one half-share warrant at $0.78 per unit. It sold 2,307,690 units in the first tranche.
Each whole warrant is exercisable at $1.00 for two years. The strike price is a 35.14% premium to the March 25 closing share price of $0.74.
Investors included president and chief executive officer John Shanahan, who bought 128,205 units for $100,000, and chairman Tim Lindsey, who bought 320,512 units for $250,000. Urion Mining International BV also participated by buying 320,512 units for $250,000.
Settlement of the second C$1.63 million tranche is expected March 31.
Proceeds will be used for development at the Troy mine and permitting of the Rock Creek project in Montana.
The base and precious metals explorer is based in Spokane Valley, Wash.
| Issuer: | Revett Mining Co. Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | $3,431,298
|
| Units: | 4,399,100
|
| Price: | $0.78
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $1.00
|
| Investors: | John Shanahan (for $100,000), Tim Lindsey (for $250,000), Urion Mining International BV (for $250,000)
|
| Settlement date: | March 26 (for $1.8 million), March 31 (for $1,631,300)
|
| Stock symbol: | NYSE: RVM
|
| Stock price: | $0.74 at close March 25
|
| Market capitalization: | $25.79 million
|
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