Rathdowney Resources Ltd. (TSX-V: RTH) announces that the Company has closed a first tranche of the private placement announced previously on July 29, 2021, issuing 28,821,996 common shares at a price of $0.035/share for gross proceeds of CAD$1,008,770.
The common shares were issued as part of a unit private placement. Each Unit consist of one common share and one common share purchase warrant. Each Warrant can be exercised for a five year period from the Closing Date at $0.10 per warrant share. In the event that the closing price of the common shares of the Company is at or above $0.20 per share for a period of 10 consecutive trading days during the warrant exercise period (with the 10th such trading day hereafter referred to as the “Eligible Acceleration Date”), the warrant expiry date shall accelerate to the date that is 60 days after the Eligible Acceleration Date.
The securities issued pursuant to the private placement are subject to applicable resale restrictions, including a four month hold period from date of closing of the private placement under applicable Canadian securities laws. A cash fee of up to 6% is payable on a portion of the private placement. Completion of the private placement is subject to regulatory approval, including approval of the TSX Venture Exchange.
Proceeds will be used to advance permitting and engineering activities on the Company’s Olza zinc-lead-silver project in Poland, as well as for general corporate working capital purposes.
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We acknowledge the [financial] support of the Government of Canada.