PR REVRegent Ventures completes $360,000 private placement
Ticker Symbol: C:REV
Regent Ventures completes $360,000 private placement
Regent Ventures Ltd (C:REV)
Shares Issued 70,152,255
Last Close 5/25/2010
.07
Wednesday May 26 2010 - News Release
Mr. Richard Wilson reports
FLOW-THROUGH PRIVATE PLACEMENT CLOSED
Regent Ventures Ltd. has closed its $360,000 private placement, announced in Stockwatch on March 26, 2010, of up to six million units of its securities at a price of six cents per unit, each unit consisting of one flow-through common share and one non-transferable share purchase warrant, with each such warrant entitling the holder to purchase one additional non-flow-through common share of the company at a price of 15 cents per share for one year. Should the company's common shares trade at or above a trading price of 20 cents per share for 20 consecutive trading days, the company will have the right to issue a written notice that the warrants will expire 30 days from providing such notice.
The shares comprised by the six million units and any shares underlying the warrants comprised by the units are subject to a hold period and may not be traded until Sept. 13, 2010.
Related-party matters
Three hundred thirty-six thousand six hundred sixty-seven units of the offering have been subscribed for by related parties of the company. Richard Wilson, president and a director of the company, has subscribed for 170,000 units, increasing his share holdings to 3,193,136 shares or 4.19 per cent of the issued shares of the company (3,363,136 or 4.09 per cent if all warrants are exercised) and Douglas Eacrett, chief financial officer and a director of the company, has subscribed for 166,667 units, increasing his share holdings to 483,667 shares or 0.64 per cent (650,334 or 0.79 per cent if all warrants are exercised) of the issued shares of the company. The private placement was approved unanimously by the two directors not participating in the placement, with Mr. Wilson and Mr. Eacrett disclosing their interest and abstaining from voting with respect thereto.
IN ADDITION I HEARD ,(BUT NOT VERIFIED), that the crew is in place at Red Mt. and Louisiana waiting for the go sign. Please, somebody, give the goooooo sign......