By Devika Patel
Knoxville, Tenn., Feb. 21 - High Ridge Resources Inc. said it settled the first tranche of a C$3 million non-brokered private placement of units for C$830,700. The deal priced Dec. 24.
In this tranche, High Ridge sold 2,769,000 units and paid a finder's fee of C$61,656 in cash and 156,000 finder's warrants, which are exercisable at C$0.30 for 18 months.
The company plans to sell up to 10 million non flow-through units of one share and one half-share warrant at C$0.30 per unit. Each warrant will be exercisable at C$0.45 for 18 months.
Proceeds will be used for working capital and for exploration.
High Ridge is a mineral exploration company based in Vancouver, B.C.
| Issuer: | High Ridge Resources Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$3 million
|
| Units: | 10 million
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.45
|
| Agent: | Non-brokered
|
| Fees: | C$61,656, 156,000 warrants
|
| Pricing date: | Dec. 24
|
| Settlement date: | Feb. 21 (for C$830,700)
|
| Stock symbol: | TSX Venture: HRR
|
| Stock price: | C$0.28 at close Dec. 24
|
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