Business
Red Pine Exploration Announces C$5 Million “Bought Deal” Private Placement of Flow-Through Shares
TORONTO, Oct. 28, 2021 (GLOBE NEWSWIRE) -- Red Pine Exploration Inc. (TSX-V:RPX) ("Red Pine" or the "Company") is pleased to announce that it has entered into a
About this update from Rpx Gold Inc.
[{"type":"text","content":" TORONTO, Oct. 28, 2021 (GLOBE NEWSWIRE) -- Red Pine Exploration Inc. (TSX-V:RPX) (\"Red Pine\" or the \"Company\") is pleased to announce that it has entered into an agreement with Haywood Securities Inc. (“Haywood”), as sole underwriter and bookrunner, pursuant to which Haywood has agreed to purchase, on a \"bought deal\" private placement basis, 7,693,000 flow-through shares of the Company (the \"FT Shares\") at a price of C$0.65 per FT Share, with such FT Shares to qualify as \"flow-through shares\" (within the meaning of subsection 66(15) of the Income Tax Act (Canada)), for aggregate gross proceeds of C$5,000,450 (the \"Offering\"). The Company has granted Haywood an option to purchase up to an additional 15% of the Offering in FT Shares at the Issue Price (the \"Underwriters' Option”), exercisable in whole or in part at any time up to 48 hours prior to the closing date. The gross proceeds from the Offering will be used by the Company to incur eligible \"Canadian exploration expenses\" that will qualify as \"flow-through mining expenditures\" as such terms are defined in the Income Tax Act (Canada) (the \"Qualifying Expenditures\") related to the Company's projects in Canada. All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Shares effective December 31, 2021. The Offering is expected to close on or about November 18, 2021 and is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals including the conditional listing approval of the TSX Venture Exchange (“TSXV”) and the applicable securities regulatory authorities. The Offering is being made by way of private placement in Canada. The securities issued under the Offering will be subject to a hold period in Canada expiring four months and one day from the closing date of the Offering. In consideration for its services, the Company has agreed to pay Haywood a cash commission equal to 6.0% of the gross proceeds from the Offering and that number of non-transferable compensation options (the “Compensation Options”) as is equal to 6.0% of the aggregate number of FT Shares sold under the Offering. Each Compensation Option is exercisable to acquire one common share of the Company at a price equal to the Market Price (as defined by the TSXV) as of the date hereof for a period of 24 months from th...