- Ridgeline Minerals (RDG) has completed a C$5 million initial public offering to list on the TSX Venture Exchange
- The company issued a total of 11.2 million units at a price of 45 cents each, consisting of one common share and half of one common share purchase warrant
- Ridgeline holds three wholly owned gold exploration projects totalling 116 square kilometres in Nevada, USA
- The company is now well funded to carry out a 5,500-metre drill program across all of its project later this year
- Ridgeline Minerals (RDG) is currently up 12.07 per cent and is trading at 65 cents per share
Ridgeline Minerals (RDG) has completed a C$5 million initial public offering to list on the TSX Venture Exchange.
Under the terms of the offering, which was originally announced on July 14 this year, the company had initially sought to issue up to 6,666,666 units at a price of $0.45 each for gross proceeds of $3 million.
However, this was upsized on July 24 for up to 11.2 million units, each of which would be comprised of one common share in Ridgeline Minerals and half of one common share purchase warrant.
Each whole warrant will entitle the holder to acquire an additional common share at a price of $0.55 for a period of 30 months from the date of issuance.
The offering was managed exclusively by Haywood Securities, which received a cash commission worth six per cent of the total proceeds as well as 576,940 compensation warrants, also exercisable at a price of $0.55 for a period of 30 months.
Ridgeline Minerals holds a portfolio of three wholly owned gold exploration projects totalling 116 square kilometres within the Carlin and Battle Mountain-Eureka trends in Nevada, USA.
They include the Selena, Carlin-East and Swift projects, all of which will be the subject of a fully funded 5,500-metre drilling program later this year.
Chad Peters, President and CEO of Ridgeline Minerals, thanked the company’s new and existing shareholder for their support throughout the IPO process.
“We look forward to starting this pivotal chapter of Ridgeline’s growth as a listed company and owe a huge debt of gratitude to our shareholders, employees, local community, and advisors for enabling Ridgeline to reach this important milestone.
“We are now well funded to execute our planned 2020 drill programs at our Selena, Carlin-East, and Swift projects located on the prolific Carlin and Battle Mountain-Eureka gold trends,” he said.
Ridgeline Minerals (RDG) is currently up 12.07 per cent and is trading at 65 cents per share at 1:42pm EDT.
