Reflex Advanced Materials Corp. (OTC:RFLXF) Stock In Focus After Financing for Up to $1M
The announcement about new financing almost always gets the investment community buzzing, and this morning it may be a good idea to keep an eye on the Reflex Advanced Materials Corp. (OTC:RFLXF) stock. This past Friday, the company announced that it was going to go for a non-brokered private placement of units for the price of $0.10 each.
The company also noted that it would raise gross proceeds of up to $1 million. Each unit in the offering would be comprised of one common share in Reflex Advanced Materials and a solitary common share purchase warrant.
Each warrant could be exercised for the acquisition of a share in the company at the price of $0.15 each for a period of 24 months since the issuance date. In the news release, Reflex Advanced Materials revealed that the proceeds from the offering would be used to take care of advanced exploration and development activities at the Ruby Graphite Property.
The proceeds would also be used for general working capital purposes. It was also noted in the news release that all the securities in the offering would also be subject to a hold period of four months and a day. The company could pay a finder’s fee in connection with the offering.
On November 17, the company announced that it had closed the offering of the third and final tranche of a private placement. In that offering, Ruby Graphite Property issued a total of 500,000 units for the price of $0.20 each and brought in total gross proceeds to the tune of $100,000.
Each unit was made up of a common share of the company’s capital and half of a share purchase warrant. The holder of a whole warrant would be entitled to pick up a share of the company for the exercise price of $0.35 for up to 24 months from the issuance date.
