Revett Mining Company, Inc. (NYSE MKT:RVM) (TSX:RVM) announced today that it has completed the first tranche of a private placement of up to 4,129,100 units at a price of US$ 0.78 per unit for gross proceeds of U.S.$ 3.4 million. Each unit consists of one share of common stock and one-half of a common stock purchase warrant with an exercise price US$ 1.00 per full warrant exercisable within 24 months. Revett will use the proceeds of the offering to fund ongoing development at its Troy mine and to advance permitting of its Rock Creek project in northwestern Montana.
The first tranche, for 2,307,690 units, and gross proceeds of US$ $ 1.8 million, closed on March 26th. Subscribers included John Shanahan, President and CEO (128,205 units), and Tim Lindsey, Chairman (320,512 units). In addition to the Company’s directors and executive officers, Urion Mining International B.V. (an affiliate of Trafigura AG, which purchases our silver and copper concentrates) purchased 320,512 units in order to maintain approximately 10% equity ownership in the Company. The second tranche, for an additional 2,091,410 units and proceeds of approximately US$ 1.6 million, is expected to close on or before March 31st, pending regulatory and exchange approval. With the closing of the first and expected closing of the second tranche, Revett expects to have 39,017,989 shares of common stock outstanding.
Revett, through its subsidiaries, owns and operates the Troy Mine in Lincoln County, Montana and the development-stage Rock Creek project located in Sanders County, Montana, USA. Its goal is to resume commercial production of the proven reserves at the Troy Mine and develop the significant resources at the Rock Creek project, and thereby become a premier mid-tier base and precious metals producer
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