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Red Pine Exploration Closes C$5,235,693 “Bought Deal” Private Placement of Tranche 1 Flow-Through Shares and Tranche 2 Flow-Through Shares
TORONTO, Dec. 07, 2023 (GLOBE NEWSWIRE) -- Red Pine Exploration Inc. (TSXV: RPX, OTCQB: RDEXF) (“Red Pine” or the “Company”) is pleased to announce that it has
About this update from Rpx Gold Inc.
[{"type":"text","content":" TORONTO, Dec. 07, 2023 (GLOBE NEWSWIRE) -- Red Pine Exploration Inc. (TSXV: RPX, OTCQB: RDEXF) (“Red Pine” or the “Company”) is pleased to announce that it has closed its previously announced “bought deal” private placement offering (the “Offering”) for gross proceeds of C$5,235,693 including partial exercise of the Underwriters’ Option (as defined in the press release of the Company dated November 16, 2023). The Offering consisted of (i) 19,252,785 tranche 1 flow-through common shares (the “Tranche 1 FT Shares”) of the Company at a price of C$0.22 per Tranche 1 FT Share, and (ii) 3,704,000 charity tranche 2 flow-through common shares (the “Tranche 2 FT Shares” and together with the Tranche 1 FT Shares, the “Offered FT Shares”) of the Company at a price of C$0.27 per Tranche 2 FT Share. Haywood Securities Inc. (“Haywood”) acted as lead underwriter and sole bookrunner, on its own behalf and on behalf of a syndicate of underwriters (together with Haywood, the “Underwriters”), including participation from Laurentian Bank Securities Inc. 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 Offered FT Shares effective December 31, 2023. In consideration for their services, the Company has paid the Underwriters 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 Offered FT Shares sold under the Offering. Each Compensation Option is exercisable to acquire one common share of the Company at a price equal to C$0.22 for a period of 24 months from the closing date of the Offering. The Offered FT Shares are subject to the four-month hold period set out in National Instrument 45-102 – Resale of Securities, expiring on April 8, 2024. The Offering remains subject to the final acceptance of the TSX Venture Exchange. An insider of the Company purchased 90,900 Tranche 1 FT Shares under the offering. Such transaction constitutes a “related party transaction” within the...