Randsburg Announces Non-Brokered Private Placement Financing
October 27 2009 - 5:08PM
Marketwired
Randsburg International Gold Corporation (TSX VENTURE: RGZ)
announced today that it has agreed to a non-brokered private
placement of up to $148,900 of its securities consisting of the
sale of 1,489,000 Units at $0.10 per Unit. Each Unit consists of 1
common share and 1 non-transferable share purchase warrant. Each
share purchase warrant grants the right to purchase one common
share at an exercise price of $.20 per share for a period of two
years from the closing date provided that, if closing price of the
common shares is at or exceeds $0.40 for a period of 10 consecutive
Business Days, the expiry date of the warrant will be 30 days from
the date of notice to the holder advising the holder of the new
expiry date. Proceeds of the financing will be used for general
working capital.
The Corporation also announced today that it has agreed to a
non-brokered private placement of up to $150,000 of its securities
consisting of the sale of 1,000,000 common shares with flow-through
tax benefits at $0.15 per share. Proceeds of the financing will be
used for the advancement of the Corporation's Titan
iron-titanium-vanadium deposit located in northern Ontario,
Canada.
The Corporation will pay a finder's fee of 148,900 broker
warrants to an agent. Each broker warrant grants the right to
purchase one common share at an exercise price of $0.20 per share
for a period of two years from the closing date. All securities
issued in respect of the warrants will be subject to a hold period
of 4 months and 1 day from the date of closing. The private
placements are subject to regulatory approval.
Pursuant to its stock option plan, the Company has agreed to
grant a total of 1,000,000 incentive stock options (the "Stock
Options") to officers and directors of the Corporation. Each Stock
Option entitles the holder thereof to acquire one common share of
the Corporation at an exercise price of $0.10 per common share
within 2 years of the date of grant. The grant of the Stock Options
is subject to regulatory approval.
On behalf of the Board of Directors of Randsburg International
Gold Corp.
Michael Opara, President and Chief Executive Officer
Copyright, 2009 - Randsburg International Gold Corporation. This
news release can be reproduced and retransmitted in whole, with no
changes permitted of any kind, including headlines, or the addition
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The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Randsburg International Gold Corp.
info@randsburginternational.com www.randsburginternational.com