News Releases
June 13, 2008
Ringbolt Announces $20 Million Private Placement
Ringbolt Ventures Ltd. has entered into an agreement with Wellington West Capital Markets Inc. to complete a private placement financing, on a best-efforts agency basis, of 14.5 million units of Ringbolt at a price of $1.40 per unit for gross proceeds of up to $20.3-million. Each unit will consist of one common share and one-half of one common share purchase warrant. Each full warrant is exercisable to purchase one common share at a price of $1.90 for a period of 12 months from the date of the closing of the offering.
Ringbolt has also granted the agents an option to purchase up to an additional seven million units at the issue price for additional gross proceeds of up to $9.8-million. The option is exercisable at any time up to 48 hours prior to the closing of the offering.
The net proceeds from the offering will be used for exploration and development of Ringbolt's potash property located in Utah and for working capital purposes. The offering is scheduled to close on or about July 15, 2008, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals to the transaction (including the approval of the TSX Venture Exchange).
On behalf of the Board of Directors
Jason Walsh, Director
We seek Safe Harbor.
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