By Devika Patel
Knoxville, Tenn., Nov. 25 - Rockcliff Resources Inc. said it arranged a C$2.5 million non-brokered private placement of units.
The company will sell 8 million flow-through units at C$0.25 apiece. Each flow-through unit consists of one flow-through common share and one half-share warrant.
The company also will sell 2.5 million working capital units at C$0.20 apiece. Each working capital unit consists of one common share and one warrant.
Each whole warrant is exercisable at C$0.40 for 18 months.
Proceeds will provide the company with additional operating and exploration capital.
Sudbury, Ont.-based Rockcliff Resources is a resource company that is focused on the acquisition and development of high-quality mineral assets.
Issuer: | Rockcliff Resources Inc.
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Issue: | Flow-through units of one flow-through common share and one half-share warrant, working capital units of one common share and one warrant
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Amount: | C$2.5 million
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Warrant expiration: | 18 months
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Warrant strike price: | C$0.40
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Agent: | Non-brokered
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Pricing date: | Nov. 25
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Stock symbol: | TSX Venture: RCR
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Stock price: | C$0.245 at close Nov. 24
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Market capitalization: | C$6.99 million
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Flow-through units
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Amount: | C$2 million
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Units: | 8 million
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Price: | C$0.25
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Warrants: | One half-share warrant per unit
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Working capital units
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Amount: | C$500,000
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Units: | 2.5 million
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Price: | C$0.20
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Warrants: | One warrant per unit
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