By Devika Patel
Knoxville, Tenn., Oct. 26 - Rocmec Mining Inc. announced it has completed the third tranche of a private placement of units, raising C$1.25 million. The deal was announced on May 31 and is slated to raise up to C$4 million. So far, the company has raised about C$2.37 million.
In this tranche, Rocmec sold 6,958,331 flow-through units at C$0.18 each.
As previously reported, 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 first tranche, which closed on Sept. 14, the company sold 1,666,665 units for C$300,000. In the second tranche, which closed on Oct. 3, Rocmec sold 4,547,777 units for C$818,600.
The MineralFields Group is the agent.
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)
|
| Agent: | 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
|
| Price: | C$0.18
|
| Settlement date: | Sept. 14
|
|
|
| Second tranche
|
| Amount: | C$818,600
|
| Units: | 4,547,777
|
| Price: | C$0.18
|
| Settlement date: | Oct. 3
|
|
|
| Third tranche
|
| Amount: | C$1,252,500
|
| Units: | 6,958,331
|
| Price: | C$0.18
|
| Settlement date: | Oct. 26
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
