- Red Pine Exploration Inc. (RPX) has closed its bought deal financing for gross proceeds of $5.51 million
- The company issued a total of 7.69 million common shares and 11.7 million flow-through common shares
- Alamos Gold Inc. exercised its right to maintain its pro rata ownership interest in Red Pine
- Red Pine Exploration Inc. is a Canada-based gold exploration company
- Red Pine Exploration Inc. (RPX) is up 4.25 per cent on the day, trading at $0.24 per share at 3 p.m. ET
Red Pine Exploration Inc. (RPX) has closed its previously announced bought deal financing for gross proceeds of $5.51 million.
The proceeds included the partial exercise of the over-allotment option.
The company issued 7.69 million common shares and 11.7 million flow-through (FT) shares.
The underwriters received a 6.00 per cent cash commission and non-transferable brokers warrants equal to 6.00 per cent of the number of securities sold in the offering.
Each broker warrant is exercisable to purchase one common share at an exercise price of $0.26 for two years.
The company plans to use the net proceeds from the offering for its Wawa Gold Project, other exploration expenses, and for working capital and general corporate purposes.
According to an agreement between the company and Alamos Gold Inc., Alamos has exercised its right to maintain its pro rata ownership interest in Red Pine on a partially diluted basis. Alamos now owns and controls approximately 19.40 per cent of Red Pine.
On top of this, certain other insiders of Ped pine purchased a total of 38,500 offered shares.
Red Pine Exploration Inc. is a Canada-based gold exploration company.
Red Pine Exploration Inc. (RPX) is up 4.25 per cent on the day, trading at $0.24 per share at 3 p.m. ET.
