Ridgeline Minerals Corp. (CVE:RDG) has said that due to strong investor demand it has increased its previously announced non-brokered private placement of 5.0 million units to 7.5 million units for expected gross proceeds of $3.75 million.
The company said the net proceeds from the private placement will be used to advance Ridgeline's 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.
READ: Ridgeline Minerals announces non-brokered private placement to raise up to C$2.5M to fund Nevada projects
Each unit, priced at C$0.50, consists of one common share of the company and one-half of one non-transferable common share purchase warrant. Each warrant can be exercisable to acquire one share at a price of C$0.75 for a period of two years from the closing date provided that, commencing on the date that is four months and one day after the closing date.
If the closing price of the shares on the TSX Venture Exchange is at a price equal to or greater than C$1.50 for a period of ten consecutive trading days, the company will have the right to accelerate the expiry date of the warrants by giving written notice to the holders of the warrants that the warrants will expire on the date that is not less than 30 days from the date notice is provided.
The company said it may pay a finder's fee in connection with the private placement which it anticipates on April 30, 2021.
All securities to be issued in the private placement will be subject to a4 month plus one-day 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 Minerals is a discovery-focused gold explorer with a proven management team and a 125 kilometre Superscript 2 exploration portfolio across four projects in the highly prospective Carlin and Battle Mountain - Eureka Trends in Nevada, USA.
Contact the author at jon.hopkins@proactiveinvestors.com