Red Moon Potash Inc./Vulcan Minerals Inc. – Close Private Placement
June 12, 2013 — ST. JOHN’S, NEWFOUNDLAND AND LABRADOR (Source: Marketwired) — Red Moon Potash Inc. (“the Company” – “Red Moon”) (TSX VENTURE:RMK) and Vulcan Minerals Inc. (“Vulcan”) (TSX VENTURE:VUL) announce that Red Moon has issued by way of a non-brokered private placement 2,500,000 units (the “Units”) at $0.10 per Unit to Vulcan, a related party for proceeds of $250,000 which will be used to fund the Company’s mineral exploration activities in western Newfoundland and general working capital. The Units consist of one common share and one-half of a common share purchase warrant (the “Warrants”), with each full warrant exercisable at a price of $0.25 per common share for a period of two years. The shares will have a four month hold period (expiring October 12, 2013) as per applicable securities law. The financing is subject to final TSX Venture Exchange approval. Vulcan will now own 60.53% of the outstanding common shares of Red Moon or 61.78% if the warrants are exercised (without further dilution).
This release may contain certain forward-looking statements. Actual events or results may differ from the Company’s expectations. Certain risk factors beyond the Company’s control may affect the actual results achieved. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except by law, the Company undertakes no obligation to publicly update or revise forward-looking information.
Shares Issued: 38,000,004
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>