Ridgeline Minerals Corp (CVE:RDG) (OTCQB:RDGMF) (FRA:0GC0) has announced a non-brokered private placement to raise gross proceeds of up to C$2.5 million.
In a statement, the company said the net proceeds will be used to advance its exploration program across its portfolio of four highly prospective gold-silver projects in the Carlin and Battle Mountain-Eureka Trends in Nevada, as well as for general corporate and working capital purposes.
Ridgeline will offer up to 5 million units at $0.50 apiece, with each unit consisting of one common share and one-half of one non-transferable common share purchase warrant.
READ: Ridgeline Minerals nearly doubles silver-gold strike length at Selena property in Nevada
Each warrant will be exercisable to acquire one share at $0.75 apiece for a period of two years from the closing date.
However, commencing on the date, that is four months and one day after the closing date and if the closing price of the shares on the TSX Venture Exchange is at a price equal to or greater than $1.50 for a period of 10 consecutive trading days, Ridgeline will have the right to accelerate the expiry date of the warrants by giving written notice to the holders that the warrants will expire on the date that is not less than 30 days from when the date notice is provided.
The company said it may pay a finder's fee in connection with the private placement. And all securities to be issued will be subject to a four-month hold period from the closing date under applicable securities laws in Canada and amongst other things, receipt by Ridgeline of all necessary regulatory approvals, including exchange approval.
Ridgeline anticipates closing the offering as soon as practicable subject to receipt of all regulatory approvals.
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