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Red Pine Exploration Inc V.RPX

Alternate Symbol(s):  RDEXF

Red Pine Exploration Inc. is a Canadian gold exploration company. The Company is in the exploration stage and has not commenced any commercial operations. The Company’s flagship asset is the Wawa Gold Project. The Wawa Gold Project is in the Michipicoten Greenstone Belt of Ontario. The Wawa Gold Project covers over 7,021 hectares (ha), including 309 claims covering 4,788 ha; 17 leases covering 790 ha; and 105 patents covering 1,443 ha. The Wawa Gold Project hosts several former smaller scale mining operations with a combined historic production of approximately 419,560 tons with a recovered 120,093 oz of gold at an average head grade of 9.04g/t1 Au, is located approximately two kilometers east of the Town of Wawa in northern Ontario. The Company holds claims on various other properties, which include Cayenne Property, Fern Elizabeth Property, and Rand Garrison Property. Cayenne Property is a 133-ha property. The Company also holds NSR royalties on various properties.


TSXV:RPX - Post by User

Bullboard Posts
Post by backflipson May 15, 2014 11:19am
202 Views
Post# 22565029

JUST A REMINDER ! $$$$$$$

JUST A REMINDER ! $$$$$$$Private Placement done at 5.5 cents for a gross proceed od $3 Million.                                                                                                                                                                                                                                                           

 

Pine completes $3-million offering of units

2014-05-01 11:09 ET - News Release

 

Mr. Quentin Yarie reports

RED PINE EXPLORATION INC. CLOSES SHORT FORM PROSPECTUS OFFERING FOR GROSS PROCEEDS OF $3 MILLION

Red Pine Exploration Inc. has closed the short-form prospectus offering announced on March 31, 2014, pursuant to which Red Pine sold 14.33 million units of the corporation at a price of five cents per unit and 41,519,000 flow-through units of the corporation at a price of 5.5 cents per flow-through unit for aggregate gross proceeds of $3,000,045.

The offering was conducted on a best-efforts agency basis by Secutor Capital Management Corp. In consideration for its services in connection with the offering, the agent received a cash commission of approximately $170,930. The agent also received 3,178,140 broker warrants. Each broker warrant entitles the agent to acquire one common share in the capital of the corporation at a price of 5.5 cents per share for a period of 36 months from closing of the offering.

Red Pine intends to use the net proceeds of the offering to advance the exploration program on its Cayenne mineral property near Timmins, Ont., and for working capital and general corporate purposes. The proceeds from the sale of the FT units will be used to incur Canadian exploration expenses (CEE) within the meaning of that term in the Income Tax Act (Canada) on the Cayenne property.

Certain insiders of the corporation have directly and/or indirectly participated in the offering, acquiring 8.2 million units and 8.2 million FT units, representing approximately 5 per cent of the offering. The participation by these insiders in the offering is considered a related-party transaction under Multilateral Instrument 61-101 but is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as the fair market value of the transaction, insofar as it involves interested parties, is less than 25 per cent of the corporation's market capitalization. The corporation did not file a material change report more than 21 days before the closing of the offering as required by MI 61-101, as the details of the participation by the insiders in the offering were settled only recently.

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