CALGARY, June 27, 2012 /CNW/ - Rainier Resources Ltd. (Rainier or The
Company) is pleased to announce it has entered into an engagement
letter with Salman Partners Inc. to sell on behalf of Rainier, on a
commercially reasonable effort basis, up to 20 million dollars of
securities in a private placement.
The securities to be offered consists of up to 20,000,000 units ("the
Units") priced at $1.00, consisting of one common share (a "Common
Share") and one half non-transferable common share purchase warrant (a
"Warrant"). The warrant is exercisable by the holder thereof to
purchase an additional Common Share at an exercise price of $1.50 (the
"Exercise Price") for a period of eighteen months.
The Offering will have an over-allotment option (the "Overallotment
Option") which will allow Salman Partners Inc.to offer up to an
additional $4,000,000 Units at a $1.00 per Unit, to be exercisable in
whole or in part at any time until to the Closing Date of July 31,
The net proceeds from the Offering will be allocated to fund exploration
and development activity in the Companies' focused area.
Salman Partners Inc. is an independent, research-driven investment
dealer serving institutional, corporate, and individual clients since
1994. Salman Partners' highly skilled and experienced investment
banking professionals offer a long-term commitment to providing
investment banking coverage, by way of institutional research,
corporate finance ideas and institutional sales and trading.
Rainier Resources Ltd. is a junior exploration and development oil and
gas company focused on oil exploration activities in Alberta and
Saskatchewan. The Company is actively seeking further opportunities.
Forward Looking Statements: This news release contains forward looking statements based on
management's current expectations. The reader is cautioned that
assumptions used in the preparation of such information, although
considered reasonable by Rainier at the time of preparation, may prove
to be incorrect. The forward looking statements contained in this news
release are made as at the date of this news release and, Rainier does
not undertake any obligation to update publicly or otherwise any such
statements, except as required by applicable laws.
SOURCE Rainier Resources Ltd.
For further information:
President & CEO
work: 403 457- 5966
cell: 403 461- 4570