Riverstone Raises $1.8 Million
Company:
Riverstone Resources Inc.
Title:
Riverstone Raises $1.8 Million
Text:
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 8, 2010) -
NOT FOR DISSEMINATION IN THE USA OR THROUGH US NEWSWIRE SERVICES
Riverstone Resources Inc. (the "Company") (TSX VENTURE:RVS)(FRANKFURT:3RV) announces that it has closed its previously announced non-brokered private placement, raising gross proceeds of $1,800,000.
6,000,000 Units were sold at a price of $0.30 per Unit, each Unit comprises one common share and one non-transferable common share purchase warrant (a "Warrant"). Each Warrant is exercisable to acquire one additional common share at a price of $0.40 per share until February 8, 2011 and at a price of $0.60 per share until February 8, 2012. An additional 400,000 Units having the same terms as the Units issued to the subscribers and 400,000 Warrants were issued to PI Financial Corp., as finder in connection with the financing.
All securities issued are subject to a hold period and may not be traded until June 9, 2010, except as permitted by Canadian securities legislation and the TSX Venture Exchange.
The net proceeds of the private placement will be used for further exploration of the Company's Karma project and for working capital.
ON BEHALF OF THE BOARD
Michael D. McInnis, P.Eng., President & CEO
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 8, 2010) -
NOT FOR DISSEMINATION IN THE USA OR THROUGH US NEWSWIRE SERVICES
Riverstone Resources Inc. (the "Company") (TSX VENTURE:RVS)(FRANKFURT:3RV) announces that it has closed its previously announced non-brokered private placement, raising gross proceeds of $1,800,000.
6,000,000 Units were sold at a price of $0.30 per Unit, each Unit comprises one common share and one non-transferable common share purchase warrant (a "Warrant"). Each Warrant is exercisable to acquire one additional common share at a price of $0.40 per share until February 8, 2011 and at a price of $0.60 per share until February 8, 2012. An additional 400,000 Units having the same terms as the Units issued to the subscribers and 400,000 Warrants were issued to PI Financial Corp., as finder in connection with the financing.
All securities issued are subject to a hold period and may not be traded until June 9, 2010, except as permitted by Canadian securities legislation and the TSX Venture Exchange.
The net proceeds of the private placement will be used for further exploration of the Company's Karma project and for working capital.
ON BEHALF OF THE BOARD
Michael D. McInnis, P.Eng., President & CEO