- Rockridge Resources (ROCK) has successfully completed its previously announced non-brokered private placement for a total of C$1.5 million
- Under the terms of the placement, led by Palisades Goldcorp, the company issued a total of 15 million units at a price of 10 cents each
- Each warrant will entitle the holder to acquire an additional common share at a price of 17.5 cents, exercisable over a period of 42 months
- The proceeds will be used to fund exploration activities and an upcoming drill program at its Raney Gold Project in Ontario
- Rockridge Resources (ROCK) is currently up 7.14 per cent to 15 cents per share
Rockridge Resources (ROCK) has successfully completed its previously announced non-brokered private placement for a total of C$1.5 million.
Under the terms of the placement, which was led by Palisades Goldcorp, the company issued a total of 15 million units at price of 10 cents each. These units are comprised of one common share and one common share purchase warrants.
Each warrant will entitle the holder to acquire an additional common share at a price of 17.5 cents, exercisable over a period of 42 months.
As consideration for its services, Palisades Goldcorp was issued a finder’s fee of $21,350. Rockridge also issued a total of 213,500 finder’s warrants to certain arm’s-length parties.
The proceeds raised under the placement will be used to fund exploration activities and an upcoming drill program at its Raney Gold Project southwest of Timmins, Ontario, as well as for general working capital purposes.
A drill program undertaken by Rockridge in the Spring of this year returned significant results, including 28 grams per tonne of gold over six metres at a depth of 100 metres. In addition, eight of the nine holes drilled returned gold mineralisation across a variety of broad intervals.
It’s thought that the broad structural corridor which hosts the mineralisation extends for a potential two kilometres to the west-northwest. Magnetic geophysical data that was collected in the region, along with historic mapping of disseminated sulfides and quartz veining, points to a significant target area.
Rockridge plans to continue testing the mineralised structure along strike and at depth, following up on the success of an initial drill program completed earlier this year.
Rockridge Resources (ROCK) is up 7.14 per cent and is trading at 15 cents per share at 12:05pm EDT.