Business
New High Ridge Closes $650,000 Private Placement
Jan. 18, 2011 (Newsfile Corp.) -- Vancouver, British Columbia--(January 18, 2011) - New High...
About this update from Amarc Resources Ltd.
[{"type":"text","content":"\nNew High Ridge Closes $650,000 Private Placement\n\n\n Jan. 18, 2011 (Newsfile Corp.) -- Vancouver, British Columbia--(January 18, 2011) - New High Ridge Resources Inc. (TSXV:NHR) (\"New High Ridge\" or \"the Company\")(TSX-V: NHR) is pleased to announce that subject to the satisfaction of standard conditions including receipt of final TSX Venture Exchange approval, it has completed its previously announced non-brokered private placement of 5,000,000 units at a price of $0.13 per unit, for gross proceeds of CDN $650,000 (the \"Offering\"). Under the terms of the Offering, each unit will consist of one common share in the capital of the Company (each, a \"Share\") and one non-transferable common share purchase warrant (each, a \"Warrant\"). Each Warrant entitles the holder to purchase one additional common share of the Company (each, a \"Warrant Share\") for a period of two years from the date of closing as follows: at a price of $0.20 per Warrant Share during the first year and at a price of $0.30 per Warrant Share during the second year. Certain persons who assisted in the placement of subscribers to the Offering may be paid a finder's fee of 8% in cash of the total subscription proceeds received from subscribers introduced to the Company by each particular person. Additionally, certain persons may be issued compensation warrants (\"Finders Warrants\") consisting of 8% of the total number of Units subscribed for by subscribers introduced to the Company. Each Finders Warrant is exercisable for a two year period from closing at a price of $0.20 during the first year and at a price of $0.30 during the second year. All Shares and Warrants issued pursuant to the Offering are subject to a hold period of four months and one day after closing of the offering under applicable Canadian securities laws and the policies of the TSX Venture Exchange. Further, the Company wishes to announce that the previously announced 800,000 stock options granted to certain management and directors of the Company at $0.135 exercisable for a period of five years has been re-priced to $0.175 subject to the TSX Venture Exchange policies. About New High Ridge Resources Inc. New High Ridge Resources is a British Columbia focused exploration company with two wholly owned advanced exploration projects: the Newton Mountain property (Au-Cu porphyry) 35 km north o...