Company raises funds to rehabilitate mine after sill pillar collapse
By Devika Patel
Knoxville, Tenn., Nov. 15 - Roca Mines Inc. said it completed a private placement of units.
The company sold 20.4 million units of one common share and a half-share warrant at C$0.25 apiece for C$5.1 million.
Each full warrant is exercisable at C$0.30 through Nov. 12, 2011. The strike price represents a 3.45% premium to the Nov. 12 closing share price of C$0.29.
Proceeds will be used for general working capital and to complete rehabilitation and required development work following the sill pillar collapse that occurred in September at the MAX molybdenum mine.
Roca is a mining and exploration company based in Vancouver, B.C.
| Issuer: | Roca Mines Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$5.1 million
|
| Units: | 20.4 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Nov. 12, 2011
|
| Warrant strike price: | C$0.30
|
| Settlement date: | Nov. 15
|
| Stock symbol: | TSX Venture: ROK
|
| Stock price: | C$0.29 at close Nov. 12
|
| Market capitalization: | C$28.88 million
|
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