Non-brokered deal expected to fund operating and exploration capital
By Devika Patel
Knoxville, Tenn., Nov. 14 – Rockcliff Resources Inc. said it plans a C$1.5 million non-brokered private placement of units.
The company will sell 12 million units of one common share and one warrant at C$0.05 per unit and 15 million flow-through units of one flow-through common share and one warrant at C$0.06 per unit.
Each unit warrant will be exercisable at C$0.075 for three years. Each flow-through unit warrant will be exercisable at C$0.10 for three years. The strike prices are 50% and 100% premiums to the Nov. 13 closing share price of C$0.05.
Proceeds will be used as 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: | Units of one common share and one warrant, flow-through units of one flow-through common share and one half-share warrant
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Amount: | C$1.5 million
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Warrants: | One warrant per unit
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Warrant expiration: | Three years
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Agent: | Non-brokered
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Pricing date: | Nov. 14
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Stock symbol: | TSX Venture: RCR
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Stock price: | C$0.05 at close Nov. 13
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Market capitalization: | C$1.48 million
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Units
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Amount: | C$600,000
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Units: | 12 million
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Price: | C$0.05
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Warrant strike price: | C$0.075
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Flow-through units
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Amount: | C$900,000
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Units: | 15 million
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Price: | C$0.06
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Warrant strike price: | C$0.10
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