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Strategies & Market Trends : Dino's Bar & Grill
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To: Goose94 who wrote (95)4/9/2014 10:35:03 AM
From: Goose94Read Replies (1) of 202904
 
Red Eagle Mining (RD-V) April 9, '14 has completed the previously announced bought-deal offering and concurrent non-brokered private placement with Liberty Metals & Mining Holdings LLC.

Pursuant to the bought-deal financing, 12,121,212 common shares of Red Eagle Mining were issued at a price of 33 cents per share for aggregate gross proceeds of approximately $4-million. In addition, LMM, a subsidiary of Liberty Mutual Insurance and Red Eagle Mining's largest shareholder, has exercised its participation rights and has purchased 3,043,684 common shares at 33 cents per share by way of a concurrent non-brokered private placement in order to maintain LMM's pro rata 19.9-per-cent interest in Red Eagle Mining. The shares issued to LMM in the non-brokered financing are subject to a four-month hold period from the date of issuance.

Aggregate gross proceeds from the bought-deal financing and the non-brokered financing will total approximately $5-million. The net proceeds will be used for continuing exploration; to complete permitting and a definitive feasibility study for the San Ramon gold deposit within the 100-per-cent-owned Santa Rosa gold project located in Antioquia, Colombia; and for working capital purposes.

The bought-deal financing was underwritten by a syndicate of underwriters led by Haywood Securities Inc. and including National Bank Financial Inc. and PI Financial Corp.
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