Company sells flow-through shares at a premium to closing share price
By Devika Patel
Knoxville, Tenn., Nov. 29 - Ridgemont Iron Ore Corp. said it plans a private placement of stock. It will raise C$1.2 million.
The company will sell 2 million flow-through shares at C$0.60 per flow-through share.
The price per share reflects a 9.09% premium to the Nov. 26 closing share price of C$0.55.
Proceeds will be used for exploration expenditures and specifically will be used to conduct a drilling program on the Redford iron ore property.
Based in Vancouver, B.C., Ridgemont is an exploration and development company.
| Issuer: | Ridgemont Iron Ore Corp.
|
| Issue: | Flow-through shares
|
| Amount: | C$1.2 million
|
| Shares: | 2 million
|
| Price: | C$0.60
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Settlement date: | Nov. 29
|
| Stock symbol: | TSX Venture: RDG
|
| Stock price: | C$0.55 at close Nov. 29
|
| Market capitalization: | C$6.66 million
|
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