RB Energy Inc. (TSX:RBI) (OTCQX:RBEIF) is pleased to announce that it has closed the bought deal equity financing previously announced on April 28, 2014 for aggregate gross proceeds to the Company of $22,032,000. The financing was underwritten by Dundee Securities Ltd. and Scotiabank as co-lead underwriters on behalf of a syndicate including GMP Securities L.P. and Euro Pacific Canada Inc.
The Underwriters purchased, on a “bought deal” basis by way of a short form prospectus, 32,400,000 common shares of the Company at a price of $0.68 per Share. The Underwriters have been granted the option to purchase up to an additional 15% of the Offering, exercisable in whole or in part at any time up to 30 days from the date hereof. In the event that the over-allotment option is exercised in its entirety, the aggregate gross proceeds of the Offering will be $25,336,800.
The net proceeds are intended to be used for the Company’s commissioning and development activities and ongoing financial obligations related to its Quebec Lithium Project and for general working capital purposes.
This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the Unites States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
About RB Energy Inc.
RBI is a Canadian company formed pursuant to the arrangement involving Sirocco Mining Inc. and Canada Lithium Corp. It currently owns Aguas Blancas, an iodine producing mine in northern Chile, and the Quebec Lithium Project near Val d’Or, the geographical heart of the Quebec mining industry. The Aguas Blancas mine is currently in production. The Quebec Lithium Project has completed construction and is in the commissioning phase.
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