Red Pine Exploration Inc. (TSX-V: RPX) has closed private placement resulting in gross proceeds of $2,436,800.
Of the gross proceeds, a total of $1,608,800 is related to the sale of 17,875,554 flow through units sold at $0.09 per unit. Each flow through unit contains one common share issued on a flow through basis and one half of a non flow through common share purchase warrant. A purchase warrant enables its holder to acquire one common share for $0.15 for a period of two years following closing.
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A total of $828,000 of the gross proceeds is related to the sale of 10,350,000 Hard Dollar Units sold at $0.08 per unit. A hard dollar unit will contain one common share and one non flow through common share purchase warrant. A whole purchase warrant will enable its holder to acquire one common share for $0.15 for a period of 2 years following closing.
About Red Pine Exploration:
Red Pine Exploration has a long tradition of gold exploration and production including the Edwards property and the Edwards Gold Mine in the Wawa area of Ontario. The Company's current exploration projects, including the recently acquired Charlie Mortimer property focus on gold properties in Northern Ontario, specifically which are either in or near the prolific gold district of Timmins. Red Pine Exploration is based in Toronto, Ontario, Canada and trades on the TSX Venture exchange under the symbol RPX.
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