Rockland Resources (CSE: RKL) has closed a previously announced financing. The company this morning indicated it has closed its non brokered private placement, which raised gross proceeds for the company of $1.3 million.
Under the terms of the financing, a total of 6.5 million units of the company were sold at a price of $0.20 per unit. Each unit contains one common share and one half of a common share purchase warrant. Warrants are valid for a period of two years and contain an exercise price of $0.30 per share.
Proceeds from the financing are to be used for the development of its projects, including the Cole Gold Mines property in Red Lake, Ontario, as well as its newly acquired Elektra Lithium property in Mexico.
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Rockland Resources last traded at $0.195 on the CSE.
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