Agent IBK Capital sells units with two-year warrants at C$0.085 each
By Devika Patel
Knoxville, Tenn., March 25 - Ring of Fire Resources Inc. said it has arranged a private placement of units. The C$1 million deal will be conducted by agent IBK Capital Corp.
The company will sell 11,764,706 units at C$0.085 apiece. Each unit consists of one common share and a two-year warrant.
Each warrant is exercisable at C$0.15 in the first year and at C$0.20 in the second. The strike prices are 42.86% and 90.48% premiums to the March 24 closing share price of C$0.105.
Proceeds will be used for exploration work in Northern Ontario and general corporate purposes.
Based in Toronto, Ring of Fire explores for nickel, copper, chromium, gold and uranium.
| Issuer: | Ring of Fire Resources Inc.
|
| Issue: | Units of one common share and a warrant
|
| Amount: | C$1 million
|
| Units: | 11,764,706
|
| Price: | C$0.085
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.15 in the first year, C$0.20 in the second
|
| Agent: | IBK Capital Corp.
|
| Pricing date: | March 25
|
| Stock symbol: | TSX Venture: ROF
|
| Stock price: | C$0.14 at close March 24
|
| Market capitalization: | C$10.55 million
|
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