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Rainmaker Resources C$156K private placement accepted by exchange

Monday, October 3, 2016 23:09
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(Before It's News)

Rainmaker Resources (CVE:RIR) said the TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced Sept. 22 which raised gross proceeds of C$156,769.79.

The number of shares of the lithium explorer totals 933,331 and purchase price nine cents per share.

An identical number of warrants were issued and the exercise price was 11.5 cents for a five-year period.

Furthermore, a convertible debenture was raised worth C$72,770, convertible into 632,782 common shares and 632,782 common share purchase warrants at 11.5 cents of principal outstanding. Maturity date is one year from issuance.

Each warrant will have a term of five years from the date of issuance of the convertible debenture, and will entitle the holder to purchase one common share at the price of 11.5 cents per share for a five-year period. Interest rate is 12% per annum, payable quarterly

Sunel Securities Inc. receives $139,350 non-transferable warrants, each exercisable for units with terms as above at a price of nine cents for a five-year period by way of a finder’s fee.

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