Private placement
Rock Resources Inc RKR
Shares issued 14,424,750 Jan 30 close $0.37
Mon 2 Feb 98 News Release
Mr Thomas Kennedy reports
The company has negotiated a private placement financing for gross proceeds
of $1,050,000. This is comprised of:
1. $500,000 for a total of 1,666,666 units at $0.30 with each unit
comprised of one share and one two year warrant entitling the holder to
purchase one additional share at $0.30 during the first year and $0.40
during the second year;
2. $400,000 convertible debenture which has a conversion feature allowing
conversion into units at $0.30 with each unit comprised of one share and
one two year warrant entitling the holder to purchase one additional share
at $0.30 during the first year and $0.40 during the second year;
3. $150,000 bond (discounted).
The proceeds will be used for continuing exploration with respect to the
company's Chilean mineral property, general working capital and payment of
current obligations.
Finder's fees and bonuses in accordance with VSE policy are applicable and,
along along with the private placement set out above, are subject to
regulatory approval.
The company's management and geological team are in Chile this week
finalizing preparations for the initial drill program scheduled to commence
this month. |
