Proceeds used to explore and develop the projects of Rye Patch Gold US
By Devika Patel
Knoxville, Tenn., Aug. 28 - Rye Patch Gold Corp. said it raised C$170,866 in the third and final tranche of a C$3.9 million non-brokered private placement of units. The deal priced for C$4 million on July 31 and was amended on Aug. 16 to raise C$4.12 million. The company took in C$2.73 million on Aug. 22 and C$1 million on Monday.
The company sold 7,796,311 units of one common share and one half-share warrant at C$0.50 per unit. It sold 5,454,579 units in the first tranche, 2 million units in the second tranche and 341,732 units in the third tranche.
The whole warrants are exercisable at C$0.75 for two years. The strike price reflects a 44.23% premium to the July 30 closing share price of C$0.52.
Proceeds will be used to explore and develop the projects of subsidiary Rye Patch Gold US Inc., as well as for the company's 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$3,898,156
|
| Units: | 7,796,311
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.75
|
| Agent: | Non-brokered
|
| Pricing date: | July 31
|
| Amended: | Aug. 16
|
| Settlement date: | Aug. 22 (for C$2,727,290), Aug. 27 (for C$1 million), Aug. 28 (for C$170,866)
|
| Stock symbol: | TSX Venture: RPM
|
| Stock price: | C$0.52 at close July 30
|
| Market capitalization: | C$66.38 million
|
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