By Devika Patel
Knoxville, Tenn., May 27 - Riverstone Resources Inc. increased a private placement of units to C$1.9 million. The deal priced for C$760,000 on May 22.
The company will sell 5 million units, increased from 2 million units, of one share and one half-share warrant at C$0.38 per unit. Each whole warrant will be exercisable at C$0.60 for 18 months.
The warrants may expire sooner if the company's shares trade at or above a weighted average price of C$1.20 for 20 consecutive trading days. In that case, the warrants will expire on the 30th day after the company notifies holders.
Proceeds will be used for working capital and for further exploration of the company's gold projects in Burkina Faso.
Riverstone is a gold exploration company based in Vancouver, B.C.
| Issuer: | Riverstone Resources Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$1.9 million
|
| Units: | 5 million
|
| Price: | C$0.38
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.60
|
| Pricing date: | May 22
|
| Upsized: | May 27
|
| Stock symbol: | TSX Venture: RVS
|
| Stock price: | C$0.43 at close May 22
|
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