Deal offers two types of units to fund operating, exploration capital
By Devika Patel
Knoxville, Tenn., Dec. 2 - Rockcliff Resources Inc. said it plans a non-brokered private placement of units. It will raise C$4 million and has already taken in C$1.5 million in an initial tranche.
The company will sell 15 million flow-through units of one flow-through common share and one half-share warrant at C$0.20 per unit for C$3 million. It also will sell 6,666,666 units of one common share and one warrant at C$0.15 per unit for C$1 million.
Each full warrant will be exercisable at C$0.30 for 18 months. The strike price is a 39.54% premium to the Dec. 1 closing share price of C$0.215.
In the first tranche, Rockcliff sold 7.5 million flow-through units to the MineralFields Group.
Proceeds will be used as 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.
|
| Issue: | Flow-through units of one flow-through common share and one half-share warrant, units of one common share and one warrant
|
| Amount: | C$4 million
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.30
|
| Agent: | Non-brokered
|
| Investor: | MineralFields Group (for C$1.5 million)
|
| Announcement date: | Dec. 2
|
| Settlement date: | Dec. 2 (for C$1.5 million)
|
| Stock symbol: | TSX Venture: RCR
|
| Stock price: | C$0.215 at close Dec. 1
|
| Market capitalization: | C$9.21 million
|
|
|
| Flow-through units
|
| Amount: | C$3 million
|
| Units: | 15 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
|
|
| Units
|
| Amount: | C$1 million
|
| Units: | 6,666,666
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
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