Business
Ridgeline Minerals Announces Increase in Size of Initial Public Offering
Vancouver, Canada, July 24, 2020 – Ridgeline Minerals Corp. (“Ridgeline” or the “Company”) is pleased to announce that it has amended the terms of its previousl
About this update from Ridgeline Minerals Corp
[{"type":"text","content":"Vancouver, Canada, July 24, 2020 – Ridgeline Minerals Corp. (“Ridgeline” or the “Company”) is pleased to announce that it has amended the terms of its previously announced initial public offering of the Company (the “Offering”). Under the amended terms of the Offering, Haywood Securities Inc. (the “Agent”) has agreed to sell, on a commercially reasonable efforts basis, a minimum of 6,666,666 units of the Company (“Units”) and a maximum of 11,200,000 Units at a price of $0.45 per Unit (the “Offering Price”) for gross proceeds of a minimum of $3,000,000 and a maximum of $5,040,000. Each Unit is comprised of one common share in the capital of the Company (a “Share”) and one-half of one common share purchase warrant (each whole such warrant, a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Share at an exercise price of $0.55 for a period of 30 months from the date of issuance. Following completion of the Offering, if the closing price of the Shares is equal to or greater than $0.85 per Share for a period of twenty (20) consecutive trading days, the Company may elect to accelerate the expiry date of the Warrants to a date that is 30 calendar days from the date when written notice of such new expiry date is sent by the Company to the holders of the Warrants. A preliminary prospectus has been filed with the securities commissions in each of the provinces of British Columbia, Alberta, and Ontario, containing important information relating to the Units. The preliminary prospectus has not yet become final for the purposes of the sale of securities and the Company anticipates filing a final prospectus with the increased offering size in due course. There will not be any sale or any acceptance of an offer the buy the Units until a receipt for the final prospectus has been issued by the relevant securities commissions in Canada. The Offering is scheduled to close on or about August 17, 2020 the (“Closing Date”), and is subject to certain conditions customary for transactions of this nature, including, but not limited to, the receipt of all necessary approvals, including the approval, and listing of the Company’s shares on the TSX Venture Exchange. A copy of the preliminary prospectus is available under the Company’s profile on SEDAR. No securities regulatory authority has either approved or disapproved of the c...