By Devika Patel
Knoxville, Tenn., Dec. 24 - Roxmark Mines Ltd. announced it has raised another C$35,650 in a C$1,212,565 private placement of units. The company took in C$1,176,915 in a tranche that settled on Dec. 18.
Roxmark sold 3,795,500 units at C$0.31 per unit in the first tranche. It sold 115,000 units in this tranche for a total of 3,911,500 units.
Each unit consists of one flow-through share and one warrant. Each two-year warrant is exercisable at C$0.40 for the first year and at C$0.55 thereafter. Roxmark said the warrants may expire sooner under certain conditions.
Roxmark paid a C$36,526 finder's fee and granted 188,520 non-transferable finder's warrants, each exercisable for one common share at C$0.31 for two years. These warrants also may expire earlier under certain circumstances.
Proceeds will be used for exploration and development.
Roxmark is a resource exploration and development company based in Toronto.
| Issuer: | Roxmark Mines Ltd.
|
| Issue: | Units of one flow-through share and one warrant
|
| Amount: | C$1,212,565
|
| Units: | 3,911,500
|
| Price: | C$0.31
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.45 for first year, C$0.55 for second year
|
| Fees: | C$36,526, 188,520 warrants
|
| Settlement date: | Dec. 18 (for C$1,176,915), Dec. 24 (for C$35,650)
|
| Stock symbol: | TSX Venture: RMK
|
| Stock price: | C$0.185 at close Dec. 17
|
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