Red Pine Exploration Announces Brokered Private Placement
02 Dicembre 2013 - 2:00PM
Marketwired
Red Pine Exploration Announces Brokered Private Placement
TORONTO, ONTARIO--(Marketwired - Dec 2, 2013) - Red Pine
Exploration Inc. (the "Red Pine") (TSX-VENTURE:RPX) is pleased to
announce it has entered into an agreement (the "Agreement") with
IBK Capital Corp. ("IBK"), under which IBK has agreed to act, on a
best efforts basis, as the agent for the private placement of up to
20,000,000 flow-through units (the "FT Units") of Red Pine at a
price of $0.05 per FT Unit for aggregate gross proceeds to Red Pine
of up to $1,000,000 (the "FT Offering") and up to 6,000,000
non-flow through units (the "Units") at a price of $0.05 per Unit
for aggregate gross proceeds of $300,000 (the "Non FT Offering").
Each FT Unit will consist of one flow-through common share of Red
Pine (a "FT Share") and one common share purchase warrant (a
"Warrant"). Each Warrant will be exercisable to acquire one non
flow-through common share of Red Pine at an exercise price of $0.05
for a period of 48 months from closing of the Offering. Each Unit
will consist of one non flow-through common share of Red Pine and
one Warrant.
It is anticipated that the private placement will close on or
before December 19, 2013, and is subject to the completion of
formal documentation, receipt of all necessary regulatory
approvals, including the approval of the TSX Venture Exchange, and
other customary conditions. The proceeds of the FT Offering will be
used to incur eligible Canadian Exploration Expenses, as defined
under the Income Tax Act (Canada), that will be renounced
in favour of the purchasers with an effective date of no later than
December 31, 2013. The FT Offering funds will be used to finance a
drill program on prospective targets on its Cayenne-Chili Property
in Northern Ontario. The proceeds from the Non FT Offering will be
used for exploration of Red Pine's mineral properties and for
working capital.
As part of the Agreement, IBK Capital Corp. is entitled to a
cash commission of 9% of the total amount raised in the private
placement as well as Broker Warrants (the "Broker Warrants") equal
to 10% of the total number of FT Units and Units issued. Each
Broker Warrant entitles the holder to acquire one Unit at a price
of$0.05 per Broker Warrant for a period of four years from the
original date of issuance.
The securities issued under the private placement will be
subject to a four month and one day hold period from the date of
closing.
About Red Pine Exploration Inc.
Red Pine Exploration is a gold and base-metals exploration
company headquartered in Toronto, Ontario, Canada. The
Cayenne-Chili Property consists of 23 contiguous mining claims
totalling 46 square kilometers. The claims sit in a region
interpreted as the western extensions of both the Larder-Cadillac
and the Porcupine-Destor deformation zones to the north, in
Northern Ontario.
About the Cayenne-Chili Property:
- Located 110 kilometres south-west of Timmins.
- The Cayenne-Chili Property hosts a remobilized VMS System
Associated with an adjacent banded iron formation.
- Multiple lenses of mineralization observed in the VenCan zinc
showing indicate a stacked sequence of mineralized horizons.
- Remobilized Mineralization dips steeply to the North- not to
the South as previously interpreted Identified new showings with
full utilization of Geophysical and Geochemical Data.
- Known High Grade Mineralization - assayed values of up to 24.7%
Zn, 15.6% Pb and 1.1% Cu from grab samples along the corridor
(2013).
Qualified Person
Quentin Yarie, P.Geo., is the qualified person in regard to the
technical data contained within this news release and will be
responsible for overseeing all aspects of the Company's exploration
programs.
Red Pine's common shares trade on the TSX Venture Exchange under
the symbol "RPX". More detailed information about Red Pine is
available on the website: www.redpineexp.com.
This news release may contain forward-looking statements which
reflect Red Pine's current expectations regarding future events.
The forward-looking statements are often, but not always,
identified by the use of words such as "seek", "anticipate",
"plan", "estimate", "expect", "intend" and statements that an event
or result "may", "will", "should", "could" or "might" occur or be
achieved and other similar expressions. These forward-looking
statements involve risk and uncertainties, any of which could cause
results, performance, or achievements to differ materially from the
results discussed or implied in the forward-looking statements.
Many risks are inherent in the industry in which Red Pine
participates; others are more specific to Red Pine. Red Pine's
ongoing quarterly filings should be consulted for additional
information on risks and uncertainties relating to these
forward-looking statements. Investors should not place undue
reliance on any forward-looking statements. Management assumes no
obligation to update or alter any forward-looking statements
whether as a result of new information, further events or otherwise
except in compliance with applicable laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Red Pine Exploration Inc.Quentin YariePresident & COO(416)
364-7024(416) 364-2753qyarie@redpineexp.comwww.redpineexp.com
Grafico Azioni Red Pine Exploration (TSXV:RPX)
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Da Dic 2024 a Gen 2025
Grafico Azioni Red Pine Exploration (TSXV:RPX)
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Da Gen 2024 a Gen 2025
