By Devika Patel
Knoxville, Tenn., April 7 - Rockcliff Resources Inc. said it will raise C$5 million in a private placement of units and stock.
The company will sell 5.72 million flow-through shares at C$0.70 per share for C$4 million and 1.54 million units at C$0.65 apiece for C$1 million.
Each unit comprises one common share and one half-share warrant. Each whole warrant is exercisable at C$0.95 for two years.
Dundee Securities Corp. is leading a syndicate of agents that includes Blackmont Capital Corp. and Evergreen Capital Partners Inc. The agents have a greenshoe for 858,000 shares and 231,000 units, or C$750,750.
Proceeds will be used for exploration and working capital. Settlement is expected April 30.
Sudbury, Ont.-based Rockcliff is a new resource company that is focused on the acquisition and development of high-quality mineral assets.
| Issuer: | Rockcliff Resources Inc.
|
| Issue: | Units of one common share and one half-share warrant; flow-through shares
|
| Amount: | C$5 million
|
| Greenshoe: | C$750,750 (858,000 shares and 231,000 units)
|
| Agent: | Dundee Securities Corp. (lead), Blackmont Capital Corp., Evergreen Capital Partners Inc.
|
| Pricing date: | April 7
|
| Settlement date: | April 30
|
| Stock symbol: | TSX Venture: RCR
|
| Stock price: | C$0.73 at close April 4
|
|
|
| Units
|
| Amount: | C$1,001,000
|
| Units: | 1.54 million
|
| Price: | C$0.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.95
|
|
|
| Flow-through shares
|
| Amount: | C$4,004,000
|
| Shares: | 5.72 million
|
| Price: | C$0.70
|
| Warrants: | No
|
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