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| Home : Red Moon Potash/Vulcan Minerals Inc. Agree to $500,000 Private Placement |
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May 26
2014 |
Red Moon Potash/Vulcan Minerals Inc. Agree to $500,000 Private Placement |
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ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - May 26, 2014) - Red Moon Potash Inc. ("the Company" - "Red Moon") (TSX VENTURE:RMK) and Vulcan Minerals Inc. ("Vulcan") (TSX VENTURE:VUL) announce that Red Moon proposes to carry out a non-brokered private placement of 5,000,000 units (the "Units") at $0.10 per Unit to Vulcan, a related party for proceeds of $500,000 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 as per applicable securities law. The financing is subject to final TSX Venture Exchange approval. Assuming the placement closes Vulcan will own 65.12% of the outstanding common shares of Red Moon or 67.03% if the warrants are exercised (without further dilution). |
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| Source:http://www.marketwired.com/mw/release.do?id=1913889&sourceType=3 |
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