Precious metals explorer sells 32.07 million units at $0.05 per unit
By Devika Patel
Knoxville, Tenn., Jan. 19 - Royal Mines and Minerals Corp. completed a private placement of units on Jan. 18, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal raised $1.6 million.
The company sold 32.07 million units at $0.05 per unit. Each unit consists of one common share and a two-year warrant. The warrants are each exercisable at $0.10. The strike price reflects a 66.67% premium to the Jan. 14 closing share price of $0.06.
Royal Mines and Minerals, based in Henderson, Nev., is a precious metals acquisition, exploration and development company.
| Issuer: | Royal Mines and Minerals Corp.
|
| Issue: | Units of one common share and a warrant
|
| Amount: | $1,603,500
|
| Units: | 32.07 million
|
| Price: | $0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.10
|
| Settlement date: | Jan. 18
|
| Stock symbol: | OTCBB: RYMM
|
| Stock price: | $0.05 at close Jan. 18
|
| Market capitalization: | $6.71 million
|
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