Rockridge Resources Ltd (OTCMKTS:RRRLF) Stock In Focus After Private Placement Financing

Yesterday, Rockridge Resources Ltd (OTCMKTS:RRRLF) had come into the news cycle after it made a key announcement with regards to the arrangement of a non-brokered private placement. The private placement would be made up of 15,598,571 units in Rockridge Resources for the price of C$0.035 a unit to generate gross proceeds to the tune of $545,950.

Trading Data

On Monday, RRRLF stock ended flat at $0.0242 with more than 26K shares, compared to its average volume of 19.94K shares. The stock moved within a range of $0.0242 – 0.0242 after opening trade at $0.0263.

Rockridge Resources Announces Non-Brokered Private Placement Financing

Each unit is going to be made up of a common share in the company and a transferable warrant. The holder of a warrant would be entitled to pick up an additional share in Rockridge Resources for the price of C$0.07 up until thirty six months from the date of issuance.

More importantly, the company announced yesterday that it expected the transaction to be completed shortly since the offering had been fully subscribed. Rockridge Resources would use the proceeds from the financing for exploration activities, drilling programs that are coming up at its Roney Gold Project and also for general working capital needs. With the exception of the monthly consulting fees which are going to be paid to the officers and directors, there are going to be no other planned payments that Rockridge Resources would need to pay to other non-arm’s length parties.