By Devika Patel
Knoxville, Tenn., Nov. 5 - Reef Resources Ltd. said it plans to raise C$9.5 million in a non-brokered private placement of units.
The company will sell 95 million units at C$0.10 apiece. Each unit consists of 0.8 of a flow-through common share, 0.1 of a common share and one half-share warrant. Each whole warrant will be exercisable at C$0.25 for one year.
Settlement is expected Dec. 19.
Proceeds will be used to fund the company's exploration and drilling program and for general working capital purposes.
Based in Calgary, Alta., Reef Resources is an oil and gas company.
Issuer: | Reef Resources Ltd.
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Issue: | Units of 0.8 of a flow-through common share, 0.1 of a common share and one half-share warrant
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Amount: | C$9.5 million
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Units: | 95 million
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Price: | C$0.10
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Warrants: | One half-share warrant per unit
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Warrant expiration: | One year
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Warrant strike price: | C$0.25
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Agent: | Non-brokered
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Pricing date: | Nov. 5
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Settlement date: | Dec. 19
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Stock symbol: | TSX Venture: REE
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Stock price: | C$0.05 at close Nov. 5
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