By Devika Patel
Knoxville, Tenn., March 12 - Riverstone Resources Inc. said it plans a C$9.65 million private placement of units.
The company will sell 16.09 million units at C$0.60 apiece on a bought-deal basis. Each unit consists of one common share and one half-share warrant. Each whole warrant is exercisable at C$0.85 for 18 months.
The underwriting syndicate will be led by Fraser Mackenzie Ltd. and includes Macquarie Capital Markets Canada Ltd. and PI Financial Corp. Settlement is expected on March 26.
Proceeds will be used for exploration and development of the company's projects in Burkina Faso and for general corporate purposes.
Based in Vancouver, B.C., Riverstone is a gold exploration company.
| Issuer: | Riverstone Resources Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$9,654,000
|
| Units: | 16.09 million
|
| Price: | C$0.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.85
|
| Underwriters: | Fraser Mackenzie Ltd. (lead), Macquarie Capital Markets Canada Ltd. and PI Financial Corp
|
| Pricing date: | March 12
|
| Settlement date: | March 26
|
| Stock symbol: | TSX Venture: RVS
|
| Stock price: | C$0.72 at close March 12
|
| Market capitalization: | C$45.9 million
|
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