Rift Valley closes $252,610 1st tranche of financing
2021-02-02 16:38 ET - News Release
Mr. Griffin Jones reports
RIFT VALLEY RESOURCES CORP. ANNOUNCES CLOSING OF FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT
Rift Valley Resources Corp. has closed the first tranche of its non-brokered private placement, issuing a total of 4,210,167 units at a price of six cents per unit, raising gross proceeds of $252,610.
Each unit consists of one common share of the company and one-half of one non transferable common share purchase warrant, exercisable at 15 cents per share for a period of two years from the date of issuance.
The company paid finders' fees of $15,040.80 and 250,680 finders' warrants to PI Financial Corp. and Canaccord Genuity Corp. The finders' warrants are exercisable on the same terms as the private placement warrants.
All securities issued are subject to a statutory four-month hold period from the closing date.
The net proceeds from this private placement will be used for continuing project development of a broadband wireless network in Crockett, Tex., and general and administrative costs.
It is estimated that there are over 160 million people, primarily in rural areas in the United States, who have limited or no access to true broadband Internet connectivity.
© 2021 Canjex Publishing Ltd. All rights reserved.