Non-brokered deal expected to fund operating and exploration capital
By Devika Patel
Knoxville, Tenn., Nov. 14 – Rockcliff Resources Inc. said it plans a C$1.5 million non-brokered private placement of units.
The company will sell 12 million units of one common share and one warrant at C$0.05 per unit and 15 million flow-through units of one flow-through common share and one warrant at C$0.06 per unit.
Each unit warrant will be exercisable at C$0.075 for three years. Each flow-through unit warrant will be exercisable at C$0.10 for three years. The strike prices are 50% and 100% premiums to the Nov. 13 closing share price of C$0.05.
Proceeds will be used as operating and exploration capital.
Sudbury, Ont.-based Rockcliff Resources is a 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 warrant, flow-through units of one flow-through common share and one half-share warrant
|
| Amount: | C$1.5 million
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 14
|
| Stock symbol: | TSX Venture: RCR
|
| Stock price: | C$0.05 at close Nov. 13
|
| Market capitalization: | C$1.48 million
|
|
|
| Units
|
| Amount: | C$600,000
|
| Units: | 12 million
|
| Price: | C$0.05
|
| Warrant strike price: | C$0.075
|
|
|
| Flow-through units
|
| Amount: | C$900,000
|
| Units: | 15 million
|
| Price: | C$0.06
|
| Warrant strike price: | C$0.10
|
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