Rock Resources Inc -
Rock Resources $500,000 financing
Rock Resources Inc
RKR
Shares issued 21,543,508
1999-06-22 close $0.17
Wednesday Jun 23 1999
Mr. Thomas Kennedy reports
Rock Resources has negotiated a private placement financing for gross proceeds
of $500,000 (Canadian). This is comprised of:
1.
$250,000 (Canadian) convertible debenture which has a conversion feature
allowing conversion into units at a conversion rate of 15 cents per unit if
converted in the first year and 20 cents per unit if converted in the second
year, with each unit comprised of one common share and one two-year
warrant entitling the holder to purchase one additional common share at the
price of 15 cents per share during the first year and 20 cents per share during
the second year.
2.
$250,000 (Canadian) dollars for a total of 1,666,667 units at 15 cents per unit
with each unit comprised of one common share and one two-year warrant
entitling the holder to purchase one additional common share at the price of 15
cents during the first year and 20 cents during the second year.
The proceeds of the financing will be used for continuing expenses with respect to
the company's Chilean mineral property, general working capital and payment of
current obligations.
Finders' fees and bonuses in accordance with VSE policy are applicable and,
along with the private placement set out above, are subject to regulatory approval.
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