Rift Basin Resources (RIF.H-V), May 8, '14 further to its news release of March 20, 2014, has closed the remaining 10,100,162 units of its non-brokered private placement of units at a price of six cents per unit for gross proceeds of $606,010.Each unit consisted of one common share of the company and one-half of a common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share at a price of 20 cents until May 7, 2015, provided however that the company is entitled to accelerate the expiry date of the warrants to the date that is 30 days following the date the company issues a news release announcing that the published closing price of the common shares on the TSX Venture Exchange has been equal or greater than 30 cents for any 10 consecutive trading days after Sept. 8, 2014.
All securities issued in connection with the private placement will be subject to a statutory hold period ending on Sept. 8, 2014, in accordance with applicable securities legislation. The net proceeds from the private placement will be used by the company to settle its debt, for general working capital, and for the legal, data acquisition, assessment and due diligence costs associated with the company's proposed acquisition of a 70-per-cent interest in PT Sinergi Wijaya Kusumah. |
