By Sheri Kasprzak
Atlanta, April 6 - Royal Standard Minerals Inc. has closed the first tranche of a C$3,062,500 private placement with the exercise of a greenshoe.
The company sold a total of 8.75 million units at C$0.35 each, 1.75 million of which were sold through placement agent Canaccord Capital Corp.'s over-allotment option.
The units include one share and one half-share warrant. The whole warrants provide for an additional share at C$0.50 each for two years.
Under the terms of the original C$2.45 million offering, Canaccord was granted an over-allotment option for up to 3.5 million units.
Based in Sparks, Nev., Royal Standard is a gold exploration and development company. It plans to use the proceeds for a surface-drilling program in Nye County, Nev.
| Issuer: | Royal Standard Minerals Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$3,062,500
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| Units: | 8.75 million (includes greenshoe for 1.75 million)
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| Price: | C$0.35
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.50
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| Placement agent: | Canaccord Capital Corp.
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| Pricing date: | March 11
|
| Settlement date: | April 5
|
| Stock price: | C$0.345 at close March 11
|
| Stock price: | C$0.39 at close April 5
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