By Laura Lutz
Des Moines, Aug. 22 - Rifco Inc. priced a C$1.5 million non-brokered private placement.
The company will sell 3 million units of one share and one half-share warrant for C$0.50 each. Each warrant will be exercisable at C$0.75 for two years.
The proceeds will be used to pay down debt and for working capital.
The company also granted 100,000 stock options with an exercise price of C$0.55 to a director. The options will vest over two years, and they expire on Aug. 17, 2011.
Red Deer, Alta.-based Rifco provides consumer automotive financing through its wholly owned subsidiary Repair Industry Finance Corp.
| Issuer: | Rifco Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$1.5 million
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| Units: | 3 million
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| Price: | C$0.50
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| Warrants: | One half per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.75
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| Placement agent: | Non-brokered
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| Pricing date: | Aug. 22
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| Stock symbol: | TSX Venture: RFC
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| Stock price: | C$0.55 at close Aug. 22
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