Non-brokered deal secures funds for general working capital purposes
By Devika Patel
Knoxville, Tenn., May 18 - Rockex Mining Corp. announced it raised C$662,500 in the first tranche of a C$1.5 million non-brokered private placement of units.
The company is selling 6 million units of one common share and one half-share warrant at C$0.25 per unit.
Each whole, one-year warrant will be exercisable at C$0.40 in the first six months and at C$0.60 in the second six months. The strike prices are 48.15% and 122.22% premiums to the May 17 closing share price of C$0.27.
Proceeds will be used for general working capital purposes.
Toronto-based Rockex mines for iron ore.
| Issuer: | Rockex Mining Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$1.5 million
|
| Units: | 6 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.40 in the first six months, C$0.60 in the second six months
|
| Agent: | Non-brokered
|
| Settlement date: | May 18 (for C$662,500)
|
| Stock symbol: | Toronto: RXM
|
| Stock price: | C$0.27 at close May 17
|
| Market capitalization: | C$12.76 million
|
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