By Devika Patel
Knoxville, Tenn., Feb. 8 - Rhyolite Resources Ltd. said it has negotiated a C$1 million private placement of units.
The company will sell 4 million units of one common share and a warrant at C$0.25 apiece. Each warrant is exercisable at C$0.32 for one year.
Jones Gable & Co. Ltd. is the agent.
Proceeds will be used be used to finance potential acquisitions of new properties, for the company's Paxson gold project in Alaska and for general working capital purposes.
Rhyolite Resources is a Vancouver, B.C., exploration company with mineral properties located in Alaska.
| Issuer: | Rhyolite Resources Ltd.
|
| Issue: | Units of one common share and a warrant
|
| Amount: | C$1 million
|
| Units: | 4 million
|
| Price: | C$0.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.32
|
| Agent: | Jones Gable & Co. Ltd.
|
| Pricing date: | Feb. 8
|
| Stock symbol: | TSX Venture: RYE
|
| Stock price: | C$0.31 at close Feb. 5
|
| Market capitalization: | C$1.61 million
|
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