Red Pine Announces Closing of Upsized $8.5 Million Brokered Offering
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TORONTO, July 09, 2025 (GLOBE NEWSWIRE) -- Red Pine Exploration Inc. (TSXV:RPX, OTCQB:RDEXF) ("Red Pine" or the "Company") is pleased to announce that it has closed its previously announced upsized brokered offering (the "Offering"). The Offering was completed by way of a best-efforts Listed Issuer Financing Exemption of Offered Securities of the Company (the "Offered Securities") for aggregate gross proceeds of $8,500,000, in a combination of:
a) 55,000,000 non-flow-through units of the Company (the "NFT Units") that were issued at a price of $0.10 per NFT Unit for $5,500,000 in gross proceeds. Each NFT Unit will consist of one common share of the Company (a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant");
b) 12,500,000 flow-through units of the Company (the "FT Units") comprised of one Common Share and one-half of one Warrant. Each such Common Share and Warrant comprising a FT Unit qualifies as a "flow-through share" within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the "Tax Act"). The FT Units were issued at a price of $0.12 per FT Unit for $1,500,000 in gross proceeds; and
c) 10,714,284 flow-through units of the Company (the "CFT Units"), comprised of one Common Share and one-half of one Warrant. Each such Common Share and Warrant comprising a CFT Unit qualifies as a "flow-through share" within the meaning of subsection 66(15) of the Tax Act. The CFT Units were issued as part of a charity arrangement at a price of $0.14 per CFT Unit for approximately $1,500,000 in gross proceeds.
Each Warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.15 for a period of 36 months following the date hereof.
The Offering was led by Research Capital Corporation as the sole bookrunner and co-lead agent, and together with Haywood Securities Inc., as co-lead agents (the "Agents").
The Offering was conducted pursuant to the amendments to National Instrument 45-106, Prospectus Exemptions ("NI 45-106") set forth in Part 5A thereof (the "Listed Issuer Financing Exemption") to purchasers resident in Canada, except Québec. The Offered Securities offered under the Listed Issuer Financing Exemption will not be subject to resale restrictions pursuant to applicable Canadian securities laws. The Offering is subject to the final approval of the TSX Venture Exchange.
The gross proceeds ...
