Non-brokered deal completed alongside company's qualifying transaction
By Devika Patel
Knoxville, Tenn., Nov. 22 - Ridgemont Capital Corp. said it settled a non-brokered private placement of units.
The company sold 16 million units at C$0.10 apiece for C$1.6 million. Each unit consists of one common share and one warrant. Each warrant will be exercisable at C$0.25 until Nov. 19, 2012. The strike price reflects a 150% premium to the Nov. 19 closing share price of C$0.10.
The company also said it has closed its qualifying transaction and plans to change its name from "Ridgemont Capital Corp." to "Ridgemont Iron Ore Corp." The company completed the transaction by closing an option agreement with Logan Resources Ltd. Logan granted the company an option to acquire between 50% and 75% of its interest in the Redford property, which is comprised of 26 claims in the Alberni Mining Division on Vancouver Island in British Columbia.
The company is based in Vancouver, B.C.
| Issuer: | Ridgemont Capital Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.6 million
|
| Units: | 16 million
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Nov. 19, 2012
|
| Warrant strike price: | C$0.25
|
| Agent: | Non-brokered
|
| Settlement date: | Nov. 22
|
| Stock symbol: | TSX Venture: RDG.P
|
| Stock price: | C$0.10 at close Nov. 19
|
| Market capitalization: | C$1.21 million
|
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