By Devika Patel
Knoxville, Tenn., Dec. 24 - Rye Patch Gold Corp. said it has settled the first tranche of a C$6 million non-brokered private placement of units for C$5.21 million. The deal priced Dec. 15 and was increased from C$5 million on Dec. 16.
The company is selling 24 million units of one common share and one half-share warrant at C$0.25 per unit. It sold 20,830,000 units in the first tranche.
The whole warrants are exercisable at C$0.35 for two years.
Proceeds will be used to fund the company's planned acquisition of a 64% interest in Centerra Gold (U.S.) Inc.'s Ren project, for a drilling exploration program on the project and for general working capital.
Vancouver, B.C.-based Rye Patch is a gold exploration company.
| Issuer: | Rye Patch Gold Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$6 million
|
| Units: | 24 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.35
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 15
|
| Upsized: | Dec. 16
|
| Settlement date: | Dec. 24 (for C$5,207,500)
|
| Stock symbol: | TSX Venture: RPM
|
| Stock price: | C$0.275 at close Dec. 14
|
| Market capitalization: | C$20.9 million
|
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