Red Pine Exploration Inc (OTCMKTS:RDEXF) Stock Extends Rally: Here is Why

On Monday, Red Pine Exploration Inc (OTCMKTS:RDEXF) kicked off the week with a significant new announcement with regards to its previously announced private placement.

Trading Data     

On Monday, RDEXF stock moved up 2.40% to $0.1515 with more than 48K shares, compared to volume of 67.81K shares. The stock moved within a range of $0.1400 – 0.1552 after opening trade at $0.1451.

Red Pine Closes $7.745 Million Private Placement

The company announced that the ‘best efforts’ private placement had been closed for the gross proceeds of around $7.745 million and that included the entire exercise of the agents’ option. The offering was made up of a total of 5675000 units in Red Pine Exploration for the price of $0.20 each, 11,538,230 tranche 1 flow through units in the company for the price of $0.235 per tranche 1 flow through unit and 13,679,000 tranche 2 flow through units for the price of $0.285 each.

The offering had been co-led by 3L Capital Inc and Heywood Securities Inc, who represented a consortium of agents that had been led by Laurentian Bank Securities Inc. However, Heywood was the solitary book runner for the entire transaction.

Each unit that had been offered by Red Pine Exploration was made up of one common share in the capital of the company and half of a common share purchase warrant. A whole warrant would entitle the holder to pick up a common share in the company for $0.25 up until May 8, 2024.