By Marisa Wong
Milwaukee, Jan. 20 - Riverstone Resources Inc. announced that it plans to raise up to C$1.8 million through a non-brokered private placement of units.
Riverstone will sell up to 6 million units at a price of C$0.30 apiece. Each unit will consist of one common share and one non-transferable warrant. Each warrant is exercisable at C$0.40 per share for a period of one year following closing and at a price of C$0.60 during the second year following closing.
Proceeds of the financing will be used for working capital and exploration of the Karma project.
Based in Vancouver, B.C., Riverstone is a gold exploration company.
Issuer: | Riverstone Resources Inc.
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Issue: | Units of one common share and one warrant
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Amount: | Up to C$1.8 million
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Units: | Up to 6 million
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Price: | C$0.30
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Warrants: | One non-transferable warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.40 for first year after closing, C$0.60 for second year after closing
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Agent: | Non-brokered
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Pricing date: | Jan. 20
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Stock symbol: | TSX Venture: RVS
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Stock price: | C$0.37 at close Jan. 19
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