Funds to advance company's business plan and pay for proxy fight costs
By Susanna Moon
Chicago, July 20 - RX Exploration Inc. said it completed its non-brokered private placement of units for proceeds of C$2.28 million.
The company sold 5 million units of one share and one warrant at C$0.456 per unit.
Each warrant is exercisable at C$0.60 for two years. The strike price is a 27.66% premium to the company's closing price on July 19.
Proceeds will be used to advance the company's business plan, to pay the costs of its recent proxy fight and for general corporate purposes.
The company said it is focused on restarting production and exploring its Drumlummon Mine, a past producing high-grade, bonanza-type, epithermal underground gold and silver mine in Montana.
RX is a mining company based in Toronto.
| Issuer: | RX Exploration Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2.28 million
|
| Units: | 5 million
|
| Price: | C$0.456
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.60
|
| Agents: | Non-brokered
|
| Settlement date: | July 20
|
| Stock symbol: | Toronto: RXE
|
| Stock price: | C$0.47 at close on July 19
|
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