TORONTO, April 29, 2015 /CNW/ - Red Tiger Mining Inc., (TSXV-RMN), (the "Company") has announced a non-brokered private placement to, among other potential investors, insiders and persons who may become insiders of the Company ("Insiders") for gross proceeds of up to US$1,000,000 (the "Private Placement") consisting of common shares of the Company (each, a "Share") at a price of CAD$0.055 per Share. The proceeds are expected to be used by the Company for general working capital purposes.
The Company has also announced that it has closed a first tranche of the Private Placement. MMC Holding, a company owned or controlled, directly or indirectly, by Mr. Maxim Finskiy, a director of the Company, acquired 10,928,181 Shares for gross proceeds of US$500,000.
No commission or finder's fee is expected to be paid in connection with the Private Placement. The Shares are being offered pursuant to exemptions from prospectus requirements of applicable securities legislation and will be subject to a hold period of four months and a day from their date of issuance. The Shares issued in the first tranche of the Private Placement are subject to a hold period expiring on August 30, 2015.
Any subscriptions by Insiders will be considered to be related party transactions within the meaning of TSX Venture Exchange ("TSXV") Policy 5.9 which incorporates Multilateral Instrument 61-101 ("MI 61-101"). The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(a) of MI 61-101 in respect of such participation.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information contained or referred to in this press release includes, but may not be limited to, the existence of other potential investors, use of proceeds, the payment of commission or finder's fees and the availability of and the Company's reliance upon, certain exemptions from applicable securities law and/or TSXV requirements.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the inability of the Company to close a further tranche or tranches of the Private Placement and the inability of the of the Company to rely on exemptions from applicable securities law and/or TSXV requirements, as well as certain other risks set out in the Company's public documents filed under the Company's profile on SEDAR at www.sedar.com.
The forward-looking information in this press release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this press release, the Company has made assumptions about: the Company's business, the economy and the Company's industry in general and the Company's ability to raise additional financing. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.
SOURCE Red Tiger Mining Inc.
For further information: Red Tiger Mining Inc., 120 Adelaide Street West, Suite 800, Toronto, ON M5H 1T1, Fax: 416-361-6455, [email protected], www.redtigermining.com; David Lurie, Interim CEO, CFO and Secretary, Tel.: 416-361-2211, [email protected]