June 8, 2016 - Rockhaven Resources Ltd. (TSX-V:RK) (“Rockhaven”) announces that it has closed the first tranche of the private placement announced on May 18, 2016. Closing consisted of the issuance of:
- 5,995,000 flow-through units at $0.20 per unit, for total consideration of $1,199,000; and
- 3,469,000 non-flow-through units at $0.17 per unit, for total consideration of $589,730.
Each flow-through unit consisted of one flow-through common share and one-half (1/2) of a non-flow-through share purchase warrant, and each non-flow-through unit consisted of one non-flow-through common share and one-half (1/2) of a non-flow-through share purchase warrant. Each full warrant from either the flow-through or the non-flow-through units entitles the holder to purchase one additional non-flow-through common share at a price of $0.25 until December 3, 2017, provided that in the event the closing price of Rockhaven’s common shares as traded on the TSX Venture Exchange is equal to or greater than $0.35 for a period of ten (10) consecutive trading days subsequent to October 4, 2016, Rockhaven may give notice of an earlier expiry of the warrants, in which case the warrants would expire thirty (30) calendar days from the giving of such notice.
Rockhaven paid cash finders’ fees totaling $111,953 and issued a total of 592,830 finder warrants in connection with the closing, distributed among PI Financial Corp., Haywood Securities Inc. and Canaccord Genuity Corp., each of Vancouver, British Columbia, and Secutor Capital Management Corp. of Toronto, Ontario. Each finder warrant has the same terms and conditions as the warrants forming part of the flow-through units and the non-flow-through units disclosed above.
All of the securities issued pursuant to this private placement, including any shares issued pursuant to the exercise of any of the share purchase warrants disclosed herein, will be subject to a four month hold period expiring on October 4, 2016.
Rockhaven expects that a second and final tranche in respect of this private placement will close by mid-June 2016.
Rockhaven Resources Ltd. is a mineral exploration company focused on growth through the advancement of its Klaza project. For additional information concerning Rockhaven or its Klaza project please visit Rockhaven’s website at www.rockhavenresources.com.
President, CEO and Director
Rockhaven Resources Ltd.
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.
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