By Devika Patel
Knoxville, Tenn., April 28 - Ruby Red Resources Inc. said it hopes to raise C$1 million in a non-brokered private placement of units.
The company will sell 10 million units at C$0.10 apiece on a best-effort basis. Each unit consists of one common share and one non-transferable warrant. Each warrant is exercisable at C$0.15 for two years.
Proceeds will be used for exploration, development and acquisition programs as well as for general corporate purposes.
Based in Calgary, Alta., Ruby Red explores and develops mineral claims in the Fort Steele Mining Division of British Columbia.
| Issuer: | Ruby Red Resources Inc.
|
| Issue: | Units of one common share and one non-transferable warrant
|
| Amount: | C$1 million
|
| Units: | 10 million
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant strike price: | C$0.15
|
| Warrant expiration: | Two years
|
| Agent: | Non-brokered
|
| Pricing date: | April 28
|
| Stock symbol: | TSX Venture: RRX
|
| Stock price: | C$0.10 at close April 27
|
| Market capitalization: | C$2.86 million
|
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