By Devika Patel
Knoxville, Tenn., Oct. 3 - Rocmec Mining Inc. announced it has completed the second tranche of a private placement of units, raising C$818,600. The deal was announced on May 31 and is slated to raise up to C$4 million.
In the first tranche, which closed on Sept. 14, the company sold 1,666,665 flow-through units at C$0.18 apiece for C$300,000. Each unit consists of one flow-through common share and one transferable non-flow-through warrant. Each two-year warrant will be exercisable at C$0.25 for the first year and C$0.30 for the second.
In the second tranche, Rocmec sold 4,547,777 flow-through units at the same price and on the same terms.
MineralFields Group is the investor.
Limited Market Dealer Inc. will be paid a 2% cash finder's and finder's shares equal to 2% of the units sold and finder's options equal to 10% of units sold. The options are issued under the same terms as the warrants in the deal.
Proceeds will be used for development.
Based in Pointe-Claire, Quebec, Rocmec is a precious metals exploration company.
| Issuer: | Rocmec Mining Inc.
|
| Issue: | Flow-through units of one flow-through common share and one transferable non-flow-through warrant
|
| Amount: | C$4 million (total maximum)
|
| Units: | 22,222,222 (total maximum)
|
| Price: | C$0.18
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25 (first year); C$0.30 (second year)
|
| Investor: | MineralFields Group
|
| Fees: | 2% cash; finder's shares equal to 2% of the units sold; finder's options equal to 10% of units sold
|
| Pricing date: | May 31
|
| Stock symbol: | TSX Venture: RMI
|
| Stock price: | C$0.21 at close May 31
|
|
|
| First tranche
|
| Amount: | C$300,000
|
| Units: | 1,666,665
|
| Settlement date: | Sept. 14
|
|
|
| Second tranche
|
| Amount: | C$818,600
|
| Units: | 4,547,777
|
| Price: | C$0.18
|
| Settlement date: | Oct. 3
|
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