Kallpa Securities helps fund La Arena Gold Oxide Project development
By Devika Patel
Knoxville, Tenn., Nov. 30 - Rio Alto Mining Ltd. said it completed the first tranche of a private placement of stock via agent Kallpa Securities SAB. The deal priced for between C$10 million and C$20 million on Nov. 23, and the company raised C$12.81 million in this tranche.
The company is selling common shares at C$1.68 per share on a commercially reasonable best-efforts basis. The price per share represents a 6.67% discount to the Nov. 22 closing share price of C$1.80.
Rio Alto sold 7,626,575 shares in the first tranche.
Proceeds will be used to develop the La Arena Gold Oxide Project and for related working capital requirements, with the balance to be used by Rio Alto to exercise its option to acquire shares of La Arena SA, the owner of the La Arena project, and for exploration of other areas of La Arena.
Rio Alto is a mining company in Vancouver, B.C.
| Issuer: | Rio Alto Mining Ltd.
|
| Issue: | Common shares
|
| Amount: | C$20 million (maximum)
|
| Price: | C$1.68
|
| Warrants: | No
|
| Agent: | Kallpa Securities SAB
|
| Pricing date: | Nov. 23
|
| Settlement date: | Nov. 30 (for C$12,812,646)
|
| Stock symbol: | TSX Venture: RIO
|
| Stock price: | C$1.80 at close Nov. 22
|
| Market capitalization: | C$167.45 million
|
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