RooGold Inc (CSE: ROO) this morning announced the closing of a second tranche of its private placement. With the closing of the second tranche, the financing is now complete, having raised gross proceeds of $3.2 million.
The financing itself saw units of the company sold at a price of $0.25 per unit, with each unit consisting of one common share and one half of a purchase warrant. Warrants are valid for a period of two years from the date of issuance and contain an exercise price of $0.40 per share.
Warrants under the financing also have an acceleration clause, enabling the company to force the exercise of warrants should the equity trade above $0.50 per share for a period of 30 consecutive days.
Sponsored · Selkirk Copper Mines
Proceeds from the financing are to be used for the first phase of exploration at its Australian properties, as well as for marketing, working capital, and as a reserve for exploration on properties that have been conditionally acquired.
RooGold last traded at $0.21 on the CSE.
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