Proceeds to be used for exploration on Fatou Gold project in Mali
By Marisa Wong
Madison, Wis., Oct. 5 - Rockridge Capital Corp. said it has arranged a non-brokered private placement of up to 12.5 million units at a price of C$0.40 each for proceeds of up to C$5 million.
Each unit will consist of one common share and one half-share warrant. Each warrant will entitle the holder to purchase one common share for a period of 24 months from the closing date at a price of C$0.50 per share in the first year, rising to C$0.70 in the second year. The strike prices represent premiums of 1% and 41%, respectively, to the Oct. 4 closing share price of C$0.495.
The company said it will allocate a portion of the offering to subscribers found by exempt market dealer Axemen Resource Capital Ltd. and may agree to similar allocations to other exempt market or investment dealers.
The company said it will pay finder's fees equal to 5% of subscription amounts, payable in cash or units, plus issue finder's warrants in an amount equal to 5% of units subscribed, with each finder's warrant exercisable at a price of C$0.55 for 24 months from closing.
The offering is expected to close Oct. 25.
Proceeds will be used to continue exploration on the company's Fatou Gold project in southern Mali and for general working capital.
Rockridge is a Vancouver, B.C.-based gold exploration company.
| Issuer: | Rockridge Capital Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$5 million
|
| Units: | 12.5 million
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration; | Two years
|
| Warrant strike price: | C$0.50 in year one, C$0.70 in year two
|
| Agent: | Non-brokered
|
| Announcement date: | Oct. 5
|
| Settlement date: | Oct. 25
|
| Stock symbol: | TSX Venture:
|
| Stock price: | C$0.495 at close Oct. 4
|
| Market capitalization: | C$16.18 million
|
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