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Be the first with the news that moves the market- Red Pine (PRX) Announces Proposed New Investment by Merk Investments
- Merk will purchase securities under the upsized offering, owning around 9.9 per cent and 14.2 per cent of the pro forma issued and outstanding shares
- Prior to the upsized offering, Merk did not own any securities of Red Pine
- The upsized offering will come to around $6.5 million
- The closing date will take place around April 25, 2023
- Red Pine (PRX) is up 5 per cent, trading at C$0.21 at 12:15 EST
Red Pine Exploration (RPX) may be working with Merk Investments LLC as it has expressed interest in Red Pines previously announced private placement.
Merk is an investment management firm that works to supplies advisory services to investment companies and clients.
New investments
In the event the investment goes through, Merk will purchase securities under the upsized offering, owning around 9.9 per cent and 14.2 per cent of the pro forma issued and outstanding shares of the company.
Peter Maletis, Vice President – Gold & Precious Metals Research, Portfolio Manager of Merk said, “We are looking forward to supporting Red Pine management on its exploration endeavors.”
Prior to the upsized offering, Merk did not own any securities of Red Pine.
The mentioned offering is being completed for over $6.5 million.
Merk’s looks to achieve superior risk-adjusted returns through seeking to deliver uncorrelated returns using alternative strategies.
The CEO of Red Pine, Quentin Yarie is looking forward to the support and value Merk brings.
“We are excited at the prospect of continuing to expeditiously explore and advance the Wawa Gold Project.”
Yarie went on to add that, “[the company] is well positioned to deliver significant shareholder value.”
The upsized offering will close around April 25, 2023, and is subject to certain closing conditions.
Red Pine Exploration is a TSXV traded gold exploration company in Toronto, Ontario.
Red Pine (PRX) is up 5 per cent, trading at C$0.21 at 12:15 EST.
