By Jennifer Chiou
New York, March 15 - Rouge Resources Ltd. (formerly Gemstar Resources Ltd.) announced that it entered into a non-brokered private placement for up to C$2 million of units.
The company will place up to 40 million units of one common share and one non-transferable share purchase warrant at a price of C$0.05 per unit.
Each warrant entitles the holder to acquire one additional common share at C$0.10 apiece for two years.
The proceeds are earmarked for accounts payable, a work program on the company's property and for general working capital purposes.
Questions may be directed to the company president Linda Smith at 604 831-2739.
Vancouver-based Rouge is engaged in the acquisition, exploration and development of mineral resource properties and owns mineral claims in Ontario, Canada.
| Issuer: | Rouge Resources Ltd.
|
| Issue: | Units of one common share and one non-transferable share purchase warrant
|
| Amount: | C$2 million (maximum)
|
| Units: | 40 million
|
| Price: | C$0.05
|
| Warrants: | One share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Pricing date: | March 15
|
| Stock symbol: | OTC: ROUGF
|
| Stock price: | C$0.041 at close March 12
|
| Market capitalization: | C$433,172
|
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