By Sheri Kasprzak
New York, Oct. 18 - Rockwell Ventures Inc. priced a C$21 million private placement.
The company plans to sell 42 million units at C$0.50 apiece.
The units are comprised of one share and one warrant. Each warrant is exercisable at C$0.60 for the first year, at C$0.80 for the second year and at C$1.00 for the third year.
The deal will be placed through a syndicate of agents led by Westwind Partners Inc. and including Canaccord Adams Inc.
Proceeds will be used to acquire rights in four alluvial diamond properties in South Africa and the Democratic Republic of the Congo. The rest will be used for the repayment of $9.5 million in debt, exploration and development and working capital.
The deal is set to close Nov. 10.
Vancouver, B.C.-based Rockwell is a diamond exploration company.
| Issuer: | Rockwell Ventures Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$21 million
|
| Units: | 42 million
|
| Price: | C$0.50
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.60 for the first year, C$0.80 for the second year, C$1.00 for the third year
|
| Placement agents: | Westwind Partners Inc. (lead), Canaccord Adams Inc.
|
| Pricing date: | Oct. 18
|
| Settlement date: | Nov. 10
|
| Stock symbol: | TSX Venture: RVI
|
| Stock price: | C$0.50 at close Oct. 18
|
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