New York, Jan. 5 - Roca Mines Inc. completed the first tranche of a private placement for C$2.56 million.
The company sold 1,828,571 units at C$1.40 each.
Each unit is made up of one common share and one share purchase warrant. Warrants are exercisable at C$2.25 for 18 months.
The non-brokered placement was announced on Dec. 21 and could be for as much as C$7 million or 5 million units.
The company will use the proceeds to continue development of Roca's Max Molybdenum Mine near Trout Lake, B.C.
Vancouver, B.C.-based Roca Mines hopes, among its other mining projects, to be the first new primary molybdenum producer in Canada.
| Issuer: | Roca Mines Inc.
|
| Issue: | Units of stock and warrants
|
| Amount: | C$2.56 million
|
| Units: | 1,828,571
|
| Price: | C$1.40
|
| Warrants: | 1 per unit
|
| Warrant strike price: | C$2.25
|
| Warrant term: | 18 months
|
| Agent: | Non-brokered
|
| Announcement date: | Dec. 21
|
| Settlement date: | Jan. 5 (first tranche)
|
| Stock symbol: | TSX Venture: ROK
|
| Stock price: | C$1.40 at close Dec. 21, C$1.51 at close Jan. 5
|
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