By Sheri Kasprzak
Atlanta, Feb. 25 - RNC Gold Inc. said it has upsized its previously announced private placement of units to C$6 million from C$5.5 million.
The larger deal includes 5 million units at C$1.20 each. The units consist of one share and one half-share warrant.
The whole warrants provide for an additional share at C$1.50 each for five years.
Canaccord Capital Corp. is the placement agent.
The offering is expected close in mid-March.
The deal was first announced Feb. 24 without details as a C$5.5 million offering.
Based in Toronto, RNC is a gold mining company. It plans to use the proceeds from the deal to develop its Cerro Quema gold project and explore the Bonanza and LaLibertad gold mine properties. The remainder will be used for working capital and general corporate purposes.
| Issuer: | RNC Gold Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$6 million
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| Units: | 5 million
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| Price: | C$1.20
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | C$1.50
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| Placement agent: | Canaccord Capital Corp.
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| Pricing date: | Feb. 25
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| Stock price: | C$1.35 at close Feb. 24
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