By Devika Patel
Knoxville, Tenn., June 17 - Ringbolt Ventures Ltd. said it will raise C$20.3 million in a private placement of units.
The company plans to sell 14.5 million units at C$1.40 per unit. Each unit consists of one common share and one half-share warrant with each whole warrant exercisable at C$1.90 for one year.
Wellington West Capital Markets Inc., the agent, has a greenshoe for an additional 7 million units, or C$9.8 million.
Settlement is expected July 15.
Proceeds will be used for exploration and development of Ringbolt's potash property located in Utah and for working capital purposes.
Ringbolt Ventures is a natural resource company based in Vancouver, B.C.
| Issuer: | Ringbolt Ventures Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$20.3 million
|
| Greenshoe: | C$9.8 million
|
| Units: | 14.5 million
|
| Price: | C$1.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$1.90
|
| Agent: | Wellington West Capital Markets Inc.
|
| Pricing date: | June 16
|
| Settlement date: | July 15
|
| Stock symbol: | TSX Venture: RBV
|
| Stock price: | C$1.80 at close June 16
|
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