Red Pine Exploration Expands Private Placement to C$9.57 Million
Red Pine Exploration Inc. Upsizes Private Placement Offering
Red Pine Exploration Inc. is excited to share that it has amended its agreement with Haywood Securities Inc., enhancing its previously announced private placement deal. This adjustment enables the company to raise a total of C$9,565,529 through a bought-deal private placement, ensuring vital funding for its ongoing projects.
Offering Details and Structure
Under the terms of the agreement, the company will issue 22,223,000 common shares at a price of C$0.090 per share. It also includes an enticing option allowing the underwriters to purchase an additional 15% of the offering, made up of both flow-through and non-flow-through shares at predetermined prices. This flexibility helps in securing more capital as needed.
Use of Proceeds from the Offering
The funds garnered from the sale of flow-through shares will be directed towards qualifying Canadian exploration expenses, which will ultimately benefit the company’s mineral discovery initiatives in Ontario. The gross proceeds will support project development at the renowned Wawa Gold Project, positioning Red Pine as a strong contender in the competitive gold exploration sector.
Closing Timeline and Conditions
Red Pine anticipates that the upsized offering will close around the start of October, pending necessary approvals from regulatory authorities. This strategic move emphasizes the company’s commitment to fulfilling its exploration objectives while adhering to necessary compliance protocols.
About Red Pine Exploration
Operating out of Toronto, Ontario, Red Pine Exploration is dedicated to uncovering gold resources in Canada. Their flagship Wawa Gold Project resides in a highly active mining area known for substantial gold reserves, spanning an impressive 7,000 hectares. The company continues to expand its footprint in this promising region.
Connect with Red Pine Exploration
If you have questions or need additional information, feel free to reach out to Michael Michaud, President and CEO, at (416) 364-7024 or mmichaud@redpineexp.com. Alternatively, Carrie Howes, Director of Corporate Communications, is available at (416) 644-7375 or chowes@redpineexp.com.
Frequently Asked Questions
What is the amount Red Pine is raising through the private placement?
Red Pine is raising C$9,565,529 through the upsized private placement offering.
Who are the underwriters involved in the private placement?
The underwriters for this offering include Haywood Securities Inc. and Research Capital Corporation.
What will the proceeds from the offering be used for?
The proceeds will be used to finance eligible Canadian exploration expenses, particularly at the Wawa Gold Project in Ontario, and for general working capital.
What is the expected closing date for this offering?
The upsized offering is expected to close around October 1, 2024, subject to regulatory approvals.
How can investors learn more about Red Pine Exploration?
Investors can visit the company's website or contact them directly via email or phone for more information about their exploration initiatives.
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