The Prospector News

Red Moon Closes $3.25 Million Financing

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Red Moon Closes $3.25 Million Financing

 

 

 

 

 

Red Moon Resources Inc. (TSX-V: RMK) announces that it has closed a non-brokered private placement financing to raise total gross proceeds of $3.25 million.

 

Patrick Laracy, Red Moon CEO, stated: “We welcome new strategic investors with this financing which builds on our already strong financial position. We’re extremely well positioned to execute on multiple fronts and further build shareholder value.”

 

Under the terms of the offering, the Company placed 3,461,538 units at $0.65 per unit. Each unit consisted of one common share and one-half of a common share purchase warrant, with each whole warrant exercisable at a price of $0.90 per share for a period of two years following the close of the offering (subject to an acceleration clause, see below). The financing also included a flow-through component comprising 1,333,335 flow-through units at $0.75 per unit. Each flow-through unit consisted of one common share and one-half of a common share purchase warrant on the same terms as the non-flow-through portion.

 

In the event that the closing price of the company’s shares on the TSX Venture Exchange is $1.25 or greater per share during any 10 consecutive trading day period at any time subsequent to four months and one day after the closing date, all warrants in this offering will expire at 4:00 pm Newfoundland time on the 30th day after the date on which the company provides notice of such accelerated expiry to the holders of the warrants.

 

The proceeds of the financing will be used by the company to further develop its mineral operations in Newfoundland and for general working capital purposes. The securities issued will have a four-month hold period as per applicable regulations expiring on September 29 2021. Finders fees were paid in the amount of $134,855 cash and 195,262 finders warrants on the same terms as the unit warrants. The financing has received final TSX Venture Exchange approval.

 

About Red Moon Resources

 

Red Moon Resources Inc. is an emerging commodities leader in Atlantic Canada, focused on Newfoundland and Labrador, with 100% ownership of the Great Atlantic salt deposit in addition to a producing gypsum mine and an early-stage discovery that targets the high-end glass market at its Labrador Black Bay nepheline Project.

 

Posted May 31, 2021

Share this news article

MORE or "UNCATEGORIZED"


Imperial Mining Receives Final Crater Lake Drill Results: Data Sent to Engineers for 43-101 Resource Estimation on TG Zone

Highlights: Assay results from the first four drillholes continue... READ MORE

June 23, 2021

Osisko Windfall Infill and Expansion Drilling Adds High-Grade

385 g/t Au Over 2.1 Metres 45.5 g/t Au over 4.1 Metres Osi... READ MORE

June 23, 2021

Amarillo drills 144.6 m of 0.7 g/t gold including 91.6 m at 0.9 g/t gold at LDS

Amarillo Gold Corporation (TSX-V: AGC) (OTCQB: AGCBF), through i... READ MORE

June 23, 2021

New Found Intercepts 150.3 g/t Au over 11.5m at Lotto

New Found Gold Corp.  (TSX-V: NFG) (OTC: NFGFF) is pleased to a... READ MORE

June 23, 2021

Palladium One Drills 7.4% Ni_Eq (164 lbs/tonne) over 4.5 Meters Including 10.2% Ni_Eq (224 lbs/tonne) over 1.7 Meters at Tyko Nickel-Copper Project, in Ontario, Canada

KEY HIGHLIGHTS Nickel-copper continuity confirmed along 350-meter... READ MORE

June 23, 2021

Copyright 2021 The Prospector News