By Sheri Kasprzak
Atlanta, March 18 - For the third time, RNC Gold Inc. has increased the size of its previously announced C$5.5 million private placement, this time to C$9 million.
The company now plans to sell up to 9 million units at C$1.00 each.
The units are comprised of one share and one half-share warrant. The whole warrants provide for an additional share at C$1.25 each for five years.
The deal was first announced Feb. 24 without details as a C$5.5 million offering. The deal was increased to C$6 million Feb. 25, and on March 15 the deal was upsized again to C$7 million.
Canaccord Capital Corp. is the placement agent.
The offering is expected close March 22.
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$9 million
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| Units: | 9 million
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| Price: | C$1.00
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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$1.25
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| Placement agent: | Canaccord Capital Corp.
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| Pricing date: | Feb. 23
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| Upsized: | March 18
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| Settlement date: | March 22
|
| Stock price: | C$1.31 at close Feb. 23
|
| Stock price: | C$1.01 at close March 17
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