Rogue Iron Ore Corp announced that it has closed the second tranche of its non brokered private placement announced on May 16, 2012. In the second tranche the Company issued 1,293,500 non flow through units and 2,272,500 flow through units. The aggregate capital raised in both tranches is USD 934,344 through the issuance of 3,410,167 Units and 3,500,829 FT Units.
Mr Stephen de Jong Company President and CEO said that "With numerous catalysts on the horizon the Company now has the funds necessary to ensure our objectives are met. Drilling has been completed at Radio Hill and as the final assays are received we are able to commence resource estimation in conjunction with ongoing metallurgical testing. In addition to work at Radio Hill, we continue to make progress on the previously announced spin-out of a gold exploration company, Rapier Gold Inc., which is being created by combining our Timmins West gold property with Rio Tinto's adjacent Nat River gold discovery.”
Each USD 0.12 Unit of the private placement consists of one common share and one half of one non-transferable common share purchase warrant. Each USD 0.15 FT Unit consists of one flow through common share and one half of one non-transferable common share purchase warrant. Each whole warrant, whether acquired as part of a Unit or a FT Unit, will entitle the holder to purchase one common share at an exercise price of USD 0.20 for 18 months following completion of the offering.
The private placement and any modifications to it are subject to compliance with applicable securities laws and final approval from the TSX Venture Exchange. The Company may pay finders' fees in accordance with the policies of the TSX Venture Exchange.
The proceeds from the issuance of the FT Units will be used to fund exploration expenditures on the Company's Canadian mineral projects and will qualify as Canadian exploration expenses (as defined in the Income Tax Act). The Company intends to use the net proceeds of the offering primarily for expenditures on the Company's Radio Hill Property and for general working capital.
Source - Market Watch
(www.coalguru.com)
