|Rockhaven arranges $2.01-million private placement|
2012-07-03 10:32 ET - News Release
Mr. Matthew Turner reports
ROCKHAVEN RESOURCES LTD. ANNOUNCES FLOW-THROUGH PRIVATE PLACEMENT FINANCING
Rockhaven Resources Ltd. intends to raise up to $2,016,000 by way of a non-brokered private placement. The financing will consist of the sale of up to 5.6 millio flow-through shares at a price of 36 cents per share. Strategic Metals Ltd. will retain its 25.8-per-cent equity interest in Rockhaven by purchasing 1,446,655 shares. Upon the closing of the private placement, Strategic will own 13,523,155 shares of Rockhaven.
Rockhaven has agreed to allocate a portion of the placement to subscribers identified by Axemen Resource Capital Ltd., an exempt market dealer, and by other exempt market or investment dealers. Rockhaven will pay a finder's fee to the finders equal to 5 per cent of the gross proceeds raised, payable in either cash or by the issuance of common shares of Rockhaven, at the option of the finder.
Proceeds will be used to increase the scale of the 2012 Klaza exploration program from 8,000 metres to up to 16,000 m of diamond drilling. There are currently three drills operating on site, with 11 completed drill holes. Assay results will be released when received.
Closing of the private placement is anticipated to occur on or about July 20, 2012, and is subject to TSX Venture Exchange acceptance. Securities issued under the private placement will be subject to a hold period which will expire four months and one day from the date of closing.