By Sheri Kasprzak
New York, Jan. 18 - Inca Pacific Resources Inc. said it has entered into an agreement with RAB Special Situations (Master) Fund Ltd. for a C$3.4 million private placement.
RAB has agreed to buy 6.8 million shares at C$0.50 each.
After the offering closes, RAB will own 49.9% of Inca's outstanding shares.
Inca Pacific may increase the size of the non-brokered deal by C$1.6 million.
Proceeds will be used for a feasibility study on the company's Magistral copper-molybdenum property in Peru. The rest will be used for working capital.
Based in Vancouver, B.C., Inca is a mineral exploration company.
| Issuer: | Inca Pacific Resources Inc.
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| Issue: | Stock
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| Amount: | C$3.4 million
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| Greenshoe: | For C$1.6 million
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| Shares: | 6.8 million
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| Price: | C$0.50
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| Warrants: | No
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| Investor: | RAB Special Situations (Master) Fund Ltd.
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| Placement agent: | Non-brokered
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| Pricing date: | Jan. 18
|
| Stock symbol: | TSX Venture: IPR
|
| Stock price: | C$0.475 at close Jan. 18
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