By Sheri Kasprzak
New York, March 28 - Rimfire Minerals Corp. said it intends to raise C$2.55 million in a private placement.
The deal includes 1.5 million units of one share and one warrant at C$1.70 each.
The warrants allow for the purchase of another share at C$2.00 each for the first year and at C$2.25 each for the second year.
The expiry of the warrants may be accelerated to 30 days if the company's stock trades above C$2.50 for 20 consecutive trading days during the first year and above C$2.75 for 20 consecutive trading days during the second year.
Proceeds will be used for exploration on the company's properties and for general corporate purposes.
The deal is expected to close April 15.
The offering is non-brokered.
Rimfire, located in Vancouver, B.C., is a gold and silver exploration company.
| Issuer: | Rimfire Minerals Corp.
|
| Issue: | Units of one share and one warrant
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| Amount: | C$2.55 million
|
| Units: | 1.5 million
|
| Price: | C$1.70
|
| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$2.00 for the first year, C$2.25 for the second year
|
| Placement agent: | Non-brokered
|
| Pricing date: | March 28
|
| Settlement date: | April 15
|
| Stock symbol: | TSX Venture: RFM
|
| Stock price: | C$1.75 at close March 28
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