By Devika Patel
Knoxville, Tenn., Nov. 25 - Rochester Resources Ltd. said it settled a private placement of units, raising a total of C$11.5 million.
The company sold 76,667,000 units of one common share and one warrant at C$0.15 apiece.
The warrants will be exercisable at C$0.20 for two years.
BMO Capital Markets and GMP Securities LP were the agents.
Proceeds will be used for exploration and development activities on the company's precious metals properties in Mexico and for general corporate purposes.
Vancouver, B.C.-based Rochester is a gold and silver exploration and development company.
| Issuer: | Rochester Resources Ltd.
|
| Issue: | Units of one common share and warrant
|
| Amount: | C$11.5 million
|
| Units: | 76,667,000
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
|
| Agent: | BMO Capital Markets and GMP Securities LP
|
| Settlement date: | Nov. 25
|
| Stock symbol: | TSX Venture: RCT
|
| Stock price: | C$0.22 at close Nov. 25
|
| Market capitalization: | C$11.75 million
|
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