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| Home : Red Moon Potash Inc./Vulcan Minerals Inc. - Close Private Placement |
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Jun 12
2013 |
Red Moon Potash Inc./Vulcan Minerals Inc. - Close Private Placement |
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ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - June 12, 2013) - Red Moon Potash Inc. ("the Company" - "Red Moon") (TSX VENTURE:RMK) and Vulcan Minerals Inc. ("Vulcan") (TSX VENTURE:VUL) announce that Red Moon has issued by way of a non-brokered private placement 2,500,000 units (the "Units") at $0.10 per Unit to Vulcan, a related party for proceeds of $250,000 which will be used to fund the Company's mineral exploration activities in western Newfoundland and general working capital. The Units consist of one common share and one-half of a common share purchase warrant (the "Warrants"), with each full warrant exercisable at a price of $0.25 per common share for a period of two years. The shares will have a four month hold period (expiring October 12, 2013) as per applicable securities law. The financing is subject to final TSX Venture Exchange approval. Vulcan will now own 60.53% of the outstanding common shares of Red Moon or 61.78% if the warrants are exercised (without further dilution). |
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| Source:http://www.marketwire.com/mw/release.do?id=1801116&sourceType=3 |
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