By Sheri Kasprzak
New York, Feb. 22 - Running Fox Resource Corp. said it has closed its previously announced private placement for C$1,225,000.
The company sold 2.45 million units at C$0.50 each.
The units include one share and one warrant. The warrants are exercisable at C$0.65 each for the first year and at C$0.75 each for the second year.
The expiry of the warrants may be accelerated to 30 days if the company's stock trades above C$1.00 for more than 20 consecutive trading days.
The non-brokered deal was priced on Jan. 18 as a C$750,000 offering of units at the same price.
Proceeds will be used for oil and natural gas drilling.
Vancouver, B.C.-based Running Fox is an oil and natural gas exploration company.
| Issuer: | Running Fox Resource Corp.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$1,225,000
|
| Units: | 2.45 million
|
| Price: | C$0.50
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.65 for the first year; C$0.75 for the second year
|
| Placement agent: | Non-brokered
|
| Pricing date: | Jan. 18
|
| Settlement date: | Feb. 22
|
| Stock symbol: | TSX Venture: RUN
|
| Stock price: | C$0.50 at close Jan. 18
|
| Stock price: | C$0.50 at close Feb. 22
|
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