By Sheri Kasprzak
New York, July 26 - Rochester Resources Ltd. priced a C$1.8 million private placement.
The non-brokered deal includes up to 2 million units at C$0.90 each.
The units are comprised of one share and one warrant. Each warrant is exercisable at C$1.15 for the first year and at C$1.30 for the second year.
Most of the placement has been subscribed by three associated funds that will own 14.6% of the company once the deal closes.
The deal is slated to close July 28.
Proceeds will be used for development and exploration on the company's Mina Real gold and silver property in Mexico. The rest will be used for working capital.
Vancouver, B.C.-based Rochester is a mineral exploration company.
| Issuer: | Rochester Resources Ltd.
|
| Issue: | Units of one share and one warrant
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| Amount: | C$1.8 million
|
| Units: | 2 million
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| Price: | C$0.90
|
| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.15 for the first year; C$1.30 for the second year
|
| Placement agent: | Non-brokered
|
| Pricing date: | July 26
|
| Settlement date: | July 28
|
| Stock symbol: | TSX Venture: RCT
|
| Stock price: | C$0.80 at close July 26
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