RMO anounces $84000 PP Man $84000 won't buy much these days. I heard that they had been drilling this winter on the property 1 hole left. Maybe they got a truck stuck in the mud and need a tow truck to go get it! LOL
Times must be really tough if they could only get 6.5 cents per share. I have no doubt that some insiders sold and will buy the cheaper shares. I wonder if they will pay themselves finders fees for the PP. My Gad, the market is crooked!!
Here's the details of the PP:
Rainy Mountain Royalty Corp. intends to proceed with a flow-through and a non-flow-through, non-brokered private placement. Under the flow-through private placement, the company intends to raise up to $84,500 by the issuance of 1.3 million flow-through shares at 6.5 cents per flow-through share. Under the non-flow-through private placement, the company intends to raise up to $65,000 by the issuance of one million non-flow-through units at 6.5 cents per non-flow-through unit. Each non-flow-through unit will consist of one common share and one-half of a share purchase warrant, with each whole warrant entitling the holder to purchase an additional common share for a period of two years at an exercise price of nine cents. With respect to these private placements, the company may pay finders' fees in the amount of 7.5 per cent, payable in non-flow-through shares, based on the sale of the flow-through shares and non-flow-through units purchased by subscribers introduced to the company by such finders.
The company intends to use the proceeds from these private placements for an exploration program on the company's Eva Kitto property and for general working capital purposes. The Eva Kitto property is a PGE (platinum group elements) exploration project and is located approximately 190 kilometres northeast of Thunder Bay, Ont. The property is jointly owned by Rainy Mountain (85 per cent) and International Bethlehem Mining Corp. (15 per cent).