By Laura Lutz
Des Moines, Nov. 15 - RX Exploration Inc. plans to conduct an C$8.5 million private placement of shares and units.
The company plans to sell 3,333,333 common shares at C$0.15 each, 10 million non flow-through units at C$0.50 each and 6 million flow-through units at C$0.50 each.
The non flow-through units each consist of one non flow-through share and one warrant. The flow-through units each consist of one flow-through share and one warrant.
Each warrant from either series of units is exercisable for one non flow-through share at C$0.75 for two years.
IBK Capital Corp. is the agent.
The common shares are expected to close on Nov. 21.
Proceeds from the non flow-through units are expected to be used for drilling on the company's Drumlummon Mine property in Montana. Proceeds from the non flow-through units will be used for exploration on the company's Veekay Lake-Zulapa project in Ontario.
RX is a mining company based in Toronto.
| Issuer: | RX Exploration Inc.
|
| Issue: | Shares, units of one non flow-through share and one warrant and units of one flow-through share and one warrant
|
| Amount: | C$8.5 million
|
| Agent: | IBK Capital Corp.
|
| Pricing date: | Nov. 15
|
| Settlement date: | Nov. 21 (for shares)
|
| Stock symbol: | CNQ: RXEX
|
| Stock price: | C$0.40 at close Nov. 15
|
|
|
| Shares
|
| Shares: | 3,333,333
|
| Price: | C$0.15
|
| Warrants: | No
|
|
|
| Non flow-through units
|
| Units: | 10 million
|
| Price: | C$0.50
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.75
|
|
|
| Flow-through units
|
| Units: | 6 million
|
| Price: | C$0.50
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.75
|
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