Non-brokered deal offers units, flow-through units to fund exploration
By Devika Patel
Knoxville, Tenn., June 11 - Rogue Iron Ore Corp. said it raised C$438,250 in the first tranche of a C$1.5 million non-brokered private placement of units. The deal priced on May 16 and has been revised.
The company is now selling units at C$0.12 per unit and flow-through units at C$0.11 apiece. The units were originally priced at C$0.15 per unit, and the flow-through units were previously priced at C$0.17 apiece.
Each unit consists of one common share and one half-share warrant. Each flow-through unit consists of one flow-through common share and one half-share warrant.
Each whole warrant will be exercisable at C$0.20 for 18 months. The strike price represents a 17.65% premium to C$0.17, the May 15 closing share price. The warrants originally had a C$0.25 strike price.
In the first tranche, Rogue sold 2,116,667 units and 1,228,329 flow-through units.
Proceeds will be used to fund exploration expenditures on the company's Canadian mineral projects, for expenditures on the company's Radio Hill iron ore property and for general working capital.
Rogue Iron Ore is an iron exploration and development company based in Vancouver, B.C.
| Issuer: | Rogue Iron Ore Corp.
|
| Issue: | Units of one common share and one half-share warrant, flow-through units of one flow-through common share and one half-share warrant
|
| Amount: | C$1.5 million
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Pricing date: | May 16
|
| Amended: | June 11
|
| Settlement date: | June 11 (for C$438,250)
|
| Stock symbol: | TSX Venture: RRS
|
| Stock price | C$0.17 at close May 15
|
| Market capitalization: | C$5.75 million
|
|
|
| Units
|
| Units: | 2,116,667 (first tranche)
|
| Price: | C$0.12
|
|
|
| Flow-through units
|
| Units: | 1,228,329 (first tranche)
|
| Price: | C$0.11
|
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