By Laura Lutz
Des Moines, Aug. 2 - Rainy River Resources Ltd. settled a private placement of units and shares for C$35.07 million, including a fully exercised greenshoe for C$10.01 million
The company sold 5.775 million units at C$5.20 each and 840,000 flow-through shares at C$6.00 each. The greenshoe consisted of 1.925 million units.
The units will each consist of one non flow-through share and one half-share non flow-through warrant. Each whole warrant will be exercisable at C$6.00 for 18 months.
Canaccord Capital Corp. led an underwriting syndicate that also included Wellington West Capital Markets Inc.
When the deal originally priced on July 18, the greenshoe consisted of up to C$5 million of any combination of units and flow-through shares, subject to a C$2.5 million cap on the additional flow-through shares. The greenshoe was amended to its current size in a news release later that day.
Proceeds will be used for exploration, potential acquisitions and general corporate purposes.
Rainy River is a metals exploration company based in Vancouver, B.C.
| Issuer: | Rainy River Resources Ltd.
|
| Issue: | Units of one non flow-through share and one half-share non flow-through warrant; flow-through shares
|
| Amount: | C$35.07 million
|
| Underwriters: | Canaccord Capital Corp. (lead), Wellington West Securities
|
| Pricing date: | July 18
|
| Settlement date: | Aug. 2
|
| Stock symbol: | TSX Venture: RR
|
| Stock price: | C$5.47 at close July 17
|
| Stock price: | C$5.00 at close Aug. 2
|
|
|
| Units
|
| Units: | 5.775 million (includes greenshoe for 1.925 million units)
|
| Price: | C$5.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$6.00
|
|
|
| Flow-through shares
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| Shares: | 840,000
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| Price: | C$6.00
|
| Warrants: | No
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