Agent IBK Capital selling units with two-year warrants at C$0.085 each
By Devika Patel
Knoxville, Tenn., March 29 - Ring of Fire Resources Inc. said it has increased a private placement of units to C$1.5 million from C$1 million. The deal priced March 25 and is being conducted by agent IBK Capital Corp.
The company will now sell 17,647,059 units at C$0.085 apiece. Each unit consists of one common share and a two-year warrant.
Each warrant is exercisable at C$0.15 in the first year and at C$0.20 in the second. The strike prices are 42.86% and 90.48% premiums to the March 24 closing share price of C$0.105.
Proceeds will be used for exploration work in Northern Ontario and general corporate purposes.
Based in Toronto, Ring of Fire explores for nickel, copper, chromium, gold and uranium.
Issuer: | Ring of Fire Resources Inc.
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Issue: | Units of one common share and a warrant
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Amount: | C$1.5 million
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Units: | 17,647,059
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Price: | C$0.085
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike prices: | C$0.15 in the first year, C$0.20 in the second
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Agent: | IBK Capital Corp.
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Pricing date: | March 25
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Upsized: | March 29
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Stock symbol: | TSX Venture: ROF
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Stock price: | C$0.14 at close March 24
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Market capitalization: | C$7.28 million
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