By Devika Patel
Knoxville, Tenn., Jan. 3 - Rockcliff Resources Inc. said it has settled the first tranche of a C$3.5 million non-brokered private placement of units, raising C$2.63 million. The deal priced Dec. 20.
In this tranche, Rockcliff sold 1,672,000 flow-through units for C$2.09 million and 540,500 units for C$540,500.
The company plans to sell a total of 2 million flow-through units at C$1.25 apiece for C$2.5 million. Each unit consists of one flow-through common share and a half-share warrant.
It also will sell 1 million units total at C$1.00 apiece for C$1 million. Each unit consists of one common share and a warrant.
The whole warrants are exercisable at C$1.50 for two years but may expire sooner if the company's shares close at C$2.25 for 10 consecutive trading days. In that case, the warrants will expire 30 days from the final trading day.
Insiders will be subscribing for up to C$860,000 of the offering.
Proceeds will be used for exploration and working capital. The deal will settle Dec. 31.
Sudbury, Ont.-based Rockcliff Resources is a new resource company that is focused on the acquisition and development of high-quality mineral assets.
| Issuer: | Rockcliff Resources Inc.
|
| Issue: | Units of one flow-through common share and a half-share warrant, units of one common share and a warrant
|
| Amount: | C$3.5 million
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.50
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 20
|
| Settlement date: | Jan. 3 (for C$2,630,500)
|
| Stock symbol: | TSX Venture: RCR
|
| Stock price: | C$1.09 at close Dec. 19
|
|
|
| Flow-through units
|
| Amount: | C$2.5 million
|
| Units: | 2 million
|
| Price: | C$1.25
|
| Warrants: | One half-share warrant per unit
|
|
|
| Units
|
| Amount: | C$1 million
|
| Units: | 1 million
|
| Price: | C$1.00
|
| Warrants: | One warrant per unit
|
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