|Rockhaven completes $6-million private placement|
2011-05-12 15:37 ET - News Release
Mr. Matthew Turner reports
ROCKHAVEN RESOURCES LTD. ANNOUNCES CLOSING OF $6.0 MILLION PRIVATE PLACEMENT
Rockhaven Resources Ltd. has closed the $6,000,000 private placement announced by News Release dated April 28, 2011, consisting of the sale of 5,000,000 common shares at a price of $1.20 per share.
In connection with the closing of this private placement, Rockhaven has paid $56,250 in cash and issued the following securities in payment of finders' fees:
(a) 203,125 finders' shares; and
(b) 250,000 finders' warrants, each entitling the holder to purchase one common share at a price of $1.45 until May 12, 2012.
All of the securities issued in connection with the closing of this private placement, including the securities issued in payment of finders' fees, are subject to a hold period in Canada until September 13, 2011.
The proceeds from this private placement will be used to finance 2011 exploration activities on Rockhaven's Yukon mineral projects, and for working capital purposes.
Rockhaven also announces that Tocqueville Asset Management, L.P. ("Tocqueville"), on behalf of one or more investment funds and managed accounts (collectively, the "Accounts"), acquired ownership of all of the 5,000,000 common shares issued pursuant to this private placement. As a result of the purchase of these shares, Tocqueville, on behalf of one or more Accounts, now has authority to exercise control or direction over 5,000,000 common shares of Rockhaven, representing 10.86% of the 46,040,648 common shares of Rockhaven currently issued and outstanding. Tocqueville is a New York-based investment management firm.
We seek Safe Harbor.