Company to use proceeds for exploration expenditures on its properties
By Devika Patel
Knoxville, Tenn., March 2 - Ridgemont Iron Ore Corp. said it increased a private placement of stock and units. The deal priced for C$5.6 million on Feb. 24 and will now raise C$6 million.
The company will now sell 3,027,777 units at C$0.90 each for C$2.73 million. Each unit will consist of one common share and a half-share warrant, with each whole warrant exercisable at C$1.25 for two years.
Ridgemont also will sell 3,275,000 flow-through common shares at C$1.00 each for C$3.28 million.
The strike price of the warrants represents a 25% premium to the Feb. 23 closing share price of C$1.00; the price per flow-through share is identical to that price.
The proceeds will be used for exploration expenditures on the company's properties and for general corporate and working capital purposes.
Based in Vancouver, B.C., the company explores and develops iron.
| Issuer: | Ridgemont Iron Ore Corp.
|
| Issue: | Units of one common share and a half-share warrant; flow-through common shares
|
| Amount: | C$6 million
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 24
|
| Upsized: | March 2
|
| Stock symbol: | TSX Venture: RDG
|
| Stock price: | C$1.00 at close Feb. 23
|
| Market capitalization: | C$15.12 million
|
|
|
| Units
|
| Amount: | C$2,725,000
|
| Units: | 3,027,777
|
| Price: | C$0.90
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.25
|
|
|
| Flow-through shares
|
| Amount: | C$3,275,000
|
| Shares: | 3,275,000
|
| Price: | C$1.00
|
| Warrants: | No
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
