By Laura Lutz
Des Moines, Nov. 7 - Royal Roads Corp. is conducting a private placement of units and flow-through shares for up to C$2.268 million.
The company plans to sell up to 2.6 million of flow-through shares at C$0.28 per share and up to 7 million units at C$0.22 per unit.
Each unit consists of one non flow-through share and one half-share warrant. Each warrant will be exercisable for C$0.32 for 15 months.
Settlement is expected on Nov. 30.
Proceeds from the sale of flow-through shares will be used for development on the company's Tulks North Property in Newfoundland.
Proceeds from the units sale will be used for the company's proposed takeover of the shares of Buchans River Ltd. and for general corporate purposes.
Royal Roads is a resource company based in Halifax, N.S.
| Issuer: | Royal Roads Corp.
|
| Issue: | Flow-through shares and units of one non flow-through share and one half-share warrant
|
| Amount: | C$2.268 million
|
| Announcement date: | Nov. 7
|
| Settlement date: | Nov. 30
|
| Stock symbol: | TSX Venture: RRO
|
| Stock price: | C$0.22 at close Nov. 6
|
|
|
| Flow-through shares
|
| Shares: | 2.6 million
|
| Price: | C$0.28
|
| Warrants: | No
|
|
|
| Units
|
| Units: | 7 million
|
| Price: | C$0.22
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 15 months
|
| Warrant strike price: | C$0.32
|
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