By Sheri Kasprzak
Atlanta, March 23 - RNC Gold Inc. said it has completed its thrice-upsized private placement for C$8,952,000.
The company sold 8,952,000 units at C$1.00 each.
The units are comprised of one share and one half-share warrant. The full warrants provide for an additional share at C$1.25 each through March 22, 2010.
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. The offering was upsized for a final time to C$9 million on March 18.
Canaccord Capital Corp. and Jennings Capital Inc. were the placement agents.
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.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$8,952,000
|
| Units: | 8,952,000
|
| Price: | C$1.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$1.25
|
| Placement agent: | Canaccord Capital Corp. and Jennings Capital Inc.
|
| Pricing date: | Feb. 23
|
| Settlement date: | March 23
|
| Stock price: | C$1.31 at close Feb. 23
|
| Stock price: | C$1.00 at close March 22
|
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