By Laura Lutz
Washington, Nov. 27 - Royal Roads Corp. settled an oversubscribed private placement for up to C$3.2 million.
The company sold 8,998,998 units at C$0.22 each and 4,354,142 flow-through shares at C$0.28 each.
The deal priced on Nov. 7 as a C$2.268 million offering of 7 million units and 2.6 million flow-through shares.
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.
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 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$3.2 million
|
| Announcement date: | Nov. 7
|
| Settlement date: | Nov. 27
|
| Stock symbol: | TSX Venture: RRO
|
| Stock price: | C$0.22 at close Nov. 6
|
| Stock price: | C$0.28 at close Nov. 27
|
|
|
| Flow-through shares
|
| Shares: | 4,354,142
|
| Price: | C$0.28
|
| Warrants: | No
|
|
|
| Units
|
| Units: | 8,998,998
|
| 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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