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VANCOUVER, June 24, 2016 /CNW/ - Redzone Resources Ltd. ("Redzone" or the "Company") (TSXV:REZ) announces that it has completed the first tranche of its previously announced non-brokered private placement (the "Offering") pursuant to which it issued an aggregate of 4,727,777 units ("Units") at a price of $0.09 per Unit to raise aggregate gross proceeds of approximately $425,500. Each Unit is comprised of one common share of the Company (a "Common Share") and one share purchase warrant, with each share purchase warrant entitling the holder to acquire one additional Common Share at an exercise price of $0.15 for a period of five years. Insiders of Redzone purchased 734,223 Units in the first tranche of the Offering. The Offering remains subject to the receipt of final regulatory approvals. All securities issued and issuable in the first tranche of the Offering are subject to a statutory hold period expiring on October 24, 2016.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Redzone, including, but not limited to the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, and the availability of financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
SOURCE Redzone Resources Ltd.
For further information: Redzone Resources Ltd.: Michael Murphy, President and Chief Executive Officer, T: 604.649.2350, E: email@example.com