By Sheri Kasprzak
New York, Aug. 3 - Romarco Minerals Inc. said it has negotiated a private placement for up to C$10 million.
The company plans to sell up to 50 million units at C$0.20 each.
The units are comprised of one share and one half-share warrant. The whole warrants provide for the purchase of an additional share at C$0.25 each for two years.
Research Capital Corp. and Westwind Partners Inc. are the placement agents in the offering, which is expected to close on Aug. 30.
Proceeds will be used for ongoing requirements from Romarco's merger with Western Goldfields, Inc., exploration on the company's Nevada properties, a feasibility study on the Mesquite Mine and working capital.
Based in Vancouver, B.C., Romarco is a mineral exploration company.
| Issuer: | Romarco Minerals Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$10 million (maximum)
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| Units: | 50 million (maximum)
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| Price: | C$0.20
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.25
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| Placement agents: | Research Capital Corp. and Westwind Partners Inc.
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| Pricing date: | Aug. 3
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| Settlement date: | Aug. 30
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| Stock price: | C$0.205 at close Aug. 2
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