Platin2014 wrote: 92 Resources Corp. Closes Over-Subscribed Financing for $1.14 Million
Vancouver, BC (FSCwire) - 92 Resources Corp. (the Company) (TSX.V: NTY) (OTCQB: RGDCF) (FSE: R9G2) is pleased to announce that it has closed a non-brokered private placement financing (the Private Placement) for total gross proceeds of $1,141,000.
The Company has allotted and issued 11,410,000 units (the Units) at a price of $0.10 per Unit. Each Unit is comprised of one common share and one-half of one non-transferable share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share of the Company for a period of up to twelve months at a price of $0.15, subject to accelerated expiry.
In addition, the Company has paid finders fees of a total of $16,400 and issued an aggregate 164,000 finders warrants (the Finders Warrants). Each Finders Warrant is exercisable into one common share for a period of up to twelve months at a price of $0.15, subject to accelerated expiry.
In the event that the closing price of the Companys common shares is at or above $0.20 per share for ten consecutive days, the Company may provide notice to the warrant holders that the expiry date of the warrants has been accelerated and that warrants not exercised within 30 days will expire.
Proceeds will be used on advancing the Companys existing properties and for general working capital. All securities issued under the Private Placement are subject to a four-month and one-day hold period expiring on May 4, 2018.