Non-brokered offering finances corporate overhead and working capital
By Devika Patel
Knoxville, Tenn., Oct. 31 - RIA Resources Corp. said it raised C$489,000 in the initial tranche of a C$1.5 million non-brokered private placement of stock. The deal priced Oct. 18.
The company is selling 1.25 million flow-through common shares at C$0.20 apiece and 12.5 million common shares at C$0.10 apiece. The prices per share are 135.29% and 17.65% premiums to C$0.085, the Oct. 17 closing share price.
In the first closing, RIA sold 4.64 million common shares and 125,000 flow-through shares.
Settlement of the final tranche is expected Nov. 30.
Proceeds will be used for corporate overhead and working capital.
Calgary, Alta.-based RIA is an oil and gas company.
| Issuer: | RIA Resources Corp.
|
| Issue: | Flow-through common shares, common shares
|
| Amount: | C$1.5 million
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 18
|
| Settlement date: | Oct. 31 (for C$489,000), Nov. 30
|
| Stock symbol: | TSX Venture: RIA
|
| Stock price: | C$0.085 at close Oct. 17
|
| Market capitalization: | C$2.08 million
|
|
|
| Flow-through stock
|
| Amount: | C$250,000
|
| Shares: | 1.25 million
|
| Price: | C$0.20
|
|
|
| Common stock
|
| Amount: | C$1.25 million
|
| Shares: | 12.5 million
|
| Price: | C$0.10
|
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