Agent syndicate helps fund exploration and general corporate purposes
By Devika Patel
Knoxville, Tenn., June 14 - Ridgemont Iron Ore Corp. said it completed a C$9.1 million private placement of units. The deal priced for C$10 million with a C$1.5 million greenshoe on May 29.
The company sold 3,967,900 units of one common share and one half-share warrant at C$0.38 per unit and 18,992,500 flow-through units of one flow-through common share and one half-share warrant at C$0.40 per unit.
Each whole two-year unit warrant is exercisable at C$0.50, a 108.33% premium to the June 13 closing share price of C$0.24.
Each whole two-year flow-through unit warrant is exercisable at C$0.60, a 150% premium to the June 13 closing share price.
A syndicate of agents, led by Dundee Securities Ltd. and including Delano Capital Corp. and PowerOne Capital Markets Ltd., conducted the offering on a best efforts basis.
Proceeds will be used for exploration and general corporate purposes.
Based in Vancouver, B.C., the company explores and develops iron.
| Issuer: | Ridgemont Iron Ore Corp.
|
| Issue: | Units of one common share and one half-share warrant, flow-through units of one flow-through common share and one half-share warrant
|
| Amount: | C$9,104,802
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Agents: | Dundee Securities Ltd. (lead), Delano Capital Corp. and PowerOne Capital Markets Ltd.
|
| Pricing date: | May 29
|
| Settlement date: | June 14
|
| Stock symbol: | TSX Venture: RDG
|
| Stock price: | C$0.24 at close June 13
|
| Market capitalization: | C$9.61 million
|
|
|
| Units
|
| Amount: | C$1,507,802
|
| Units: | 3,967,900
|
| Price: | C$0.38
|
| Warrant strike price: | C$0.50
|
|
|
| Flow-through units
|
| Amount: | C$7,597,000
|
| Units: | 18,992,500
|
| Price: | C$0.40
|
| Warrant strike price: | C$0.60
|
© 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.
