By Devika Patel
Knoxville, Tenn., July 24 - Rye Patch Gold Corp. said it will raise C$2.1 million in a non-brokered private placement of units. It also said it is canceling the C$2 million brokered placement announced on June 23.
The company will sell 14 million units of one common share and one warrant at C$0.15 apiece. Each warrant is exercisable at C$0.20 for 18 months.
Proceeds will be used for exploration and development of the company's Lincoln Hill and Wilco projects as well as 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 warrant
|
| Amount: | C$2.1 million
|
| Units: | 14 million
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Pricing date: | July 24
|
| Stock symbol: | TSX Venture: RPM
|
| Stock price: | C$0.165 at close July 23
|
| Market capitalization: | C$7.51 million
|
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