TORONTO, Sept. 27, 2012 /CNW/ - Red Tiger Mining Inc., (TSXV-RMN), (the "Company") today reported that further to its previously announced non-brokered private placement of up to US$2,500,000 (the "Private Placement"), it has completed a first tranche comprising US$2 million subscribed for by insiders of the Company and US$20,000 by non-insiders..
A total of 4,905,000 units of the Company (each, a "Unit") have been issued at a price of C$0.40 per Unit. Each Unit comprises one common share of the Company and one Common Share purchase warrant which may be exercised for one additional common share at a price of C$0.60 per share for a period of three years. The balance of the remaining 1,163,750 Units being offered pursuant to the Private Placement is reserved for non-insiders.
Units were offered pursuant to exemptions from prospectus requirements of applicable securities legislation. Securities issued pursuant to the Private Placement will be subject to a hold period of four months and a day from the date of issuance of the securities. .
Red Tiger is listed on the TSX Venture Exchange (symbol "RMN"). Subsequent to today's closing the number of shares outstanding is 74,098,537
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements, which are subject to risks and uncertainties and other factors that may cause results to differ materially from expectations. Specifically, this news release contains forward-looking information regarding the completion of the Private Placement, the participation in the Private Placement by non-insiders, the availability of, and the Company's reliance upon, certain exemptions from applicable securities law and/or TSXV requirements, and the Final Acceptance of the Private Placement by the TSXV. Accordingly, readers are cautioned not to place undue reliance on this forward-looking information.
SOURCE: Red Tiger Mining Inc.
For further information:
Dr. Thomas Utter
President and CEO
Tel.: +1 52 662 311 8839
Frank van de Water
CFO and Secretary
Tel.: 416 869 0772