Red Pine Exploration Secures Significant Funding Through Placement
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Red Pine Exploration and Major Funding Announcement
Today, Red Pine Exploration Inc. (TSXV: RPX, OTCQB: RDEXF) has made headlines with its exciting announcement of a C$7.0 million private placement. This agreement, facilitated by Haywood Securities Inc. and Research Capital Corporation, positions the company for growth while enhancing its gold exploration efforts in Ontario.
Details of the Private Placement
The private placement entails the issuance of 22,223,000 common shares, available at a price of C$0.090 each. Additionally, shares from both Tranche 1 and Tranche 2 flow-through offerings will be made available, with Tranche 1 priced at C$0.105 and Tranche 2 at C$0.126. The goal of this funding approach is to secure at least C$7 million for the company’s ongoing projects.
The Underwriters’ Role
In this arrangement, the underwriting team led by Haywood has alternative buying rights on an additional 15% of the total offering. This adds flexibility to the financing deal, allowing for adjustments based on demand in the market.
Utilization of Proceeds
The proceeds obtained from this strategic offering are designated for specific uses within the company. The flow-through shares' income will allow Red Pine to undertake activities that contribute to “Canadian exploration expenses”, crucial for advancing their initiatives in the rich mineral areas of Ontario. Furthermore, the revenue from non-flow-through shares will support general operational costs and exploration at the promising Wawa Gold Project.
Impact on the Wawa Gold Project
Located in the Michipicoten Greenstone Belt, the Wawa Gold Project has become a focal point for Red Pine. This project sits within an area known for its extensive history in gold production, and continues to draw significant interest from investors keen on mineral exploration and development opportunities.
Future Outlook for Red Pine Exploration
As the company progresses towards completing the offering — anticipated to finalize around October 1 — it remains committed to fulfilling all necessary conditions, including approvals from the TSX Venture Exchange and applicable regulatory authorities. This transaction underscores Red Pine's strategy to build and strengthen its market position within gold exploration.
About Red Pine Exploration Inc.
Founded with the vision of advancing gold exploration, Red Pine Exploration Inc. is headquartered in Toronto. The company aims to leverage its strategic land holdings and expertise to drive growth and capitalize on market opportunities while committed to expanding its exploration and development programs.
Contact Information
For further information, please reach out to Michael Michaud, President and CEO, at (416) 364-7024 or mmichaud@redpineexp.com. Carrie Howes, Director of Corporate Communications, is also available at (416) 644-7375 or chowes@redpineexp.com.
Frequently Asked Questions
What is the main purpose of the private placement?
The private placement aims to generate C$7 million to support gold exploration projects and cover general operational costs.
Who are the underwriters involved in this offering?
Haywood Securities Inc. and Research Capital Corporation are the co-lead underwriters for this offering.
How many common shares will be issued?
A total of 22,223,000 common shares will be sold in this transaction at a price of C$0.090 each.
What projects will the funds support?
The funds will primarily support exploration activities at the Wawa Gold Project in Ontario and general working capital.
When is the anticipated closing date of the offering?
The offering is expected to close on or around October 1, 2024, subject to regulatory approvals.
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