Each issued unit consists of one common share of the Company and one half non-transferable share purchase warrant with one full warrant being exercisable to purchase one additional common share of Rainmaker at a price of $0.20 for period of 24 months following the closing of the private placement, subject to an early acceleration provision.
In addition, the Company paid cash commissions of $52,102.10 and issued 77,600 finder’s warrants in connection with the Placement, each finder’s warrant being exercisable to purchase one additional share of the Company at a price of $0.20 for a period of 24 months from the Date of Closing.
The securities issued consisting of shares, warrants and finder’s warrants and any shares acquired by the holders on the exercise of the warrants are subject to a four-month hold expiring on July 2, 2014. The Warrants attached to the Unit will become callable on 30 days’ notice in the event the Company’s shares trade at a price of $0.40 per share or greater for a 20 day trading period after the four month hold period expires on the securities sold.
The proceeds of the Offering will be used by the Company to explore and develop its recently acquired property for silica sand potential and for general working capital of the Company.
This News Release has been prepared on behalf of the Directors of Rainmaker Mining Corp. who accepts responsibility for its contents.